LONDON, UK: Marlowe plc has acquired Cedrec Information Systems Limited, a leading digital platform providing Environmental, Health and Safety (EHS) data & information, for an enterprise value of up to £3.0 million.
Headquartered in Gateshead and established in 1994, Cedrec Information Systems provides data, information and legislative insights to approximately 1,000 customers who subscribe to its SaaS platform to manage their environmental and health & safety compliance processes.
Following the acquisition of Barbour EHS from Informa plc in July 2021, the addition of Cedrec to Marlowe will deepen Marlowe’s EHS Intelligence proposition and further increase the Group’s SaaS Annual Recurring Revenues.
In the year to 30 April 2021, Cedrec generated revenues of £1.3 million and adjusted EBITDA of £0.45 million. Net assets as at 30 April 2021 were £1.2 million.
The Acquisition consideration consists of an initial payment of £2.4 million, and subsequent deferred consideration of £0.6 million which will be payable after 12 months based on the completion of certain integration objectives.
The Acquisition consideration will be settled in cash and funded from Marlowe’s existing cash resources.
Marlowe is a UK leader in business-critical services and software which assure safety and regulatory compliance. The company was formed to create sustainable shareholder value through the acquisition and development of businesses that provide regulated safety and compliance services.