LONDON, UK: Wilmington plc has acquired Astutis Limited (“Astutis”) for a total consideration of up to £21.5 million. Wilmington is the provider of data, information, education and training services in the global Governance, Risk and Compliance (“GRC”) markets.
Headquartered in Cardiff, Wales, Astutis has over 50 employees. It offers training for a range of globally recognised and regulated health, safety and environmental qualifications, strengthens Wilmington’s portfolio of GRC training and education solutions by expanding its capabilities into the health, safety and environmental markets.
The transaction comprises an initial consideration of £16.8 million, with contingent consideration of up to £4.7 million based on Astutis’ performance in each of the two years ending 30 June 2025 and 30 June 2026.
The total consideration will be financed from the Group’s existing cash resources.
The acquisition is part of Wilmington’s strategy to focus on consolidating its already strong presence in the large, growing and rapidly evolving GRC markets.
These markets are underpinned by strong macro drivers, particularly the increasing volume and enforcement of regulation, complex geopolitical landscape, increased importance of ESG and widespread adoption of technological and data-driven compliance solutions.
The acquisition is expected to be earnings enhancing in the first full year of ownership. In the 12-month period ended 30 June 2023, Astutis Limited reported unaudited revenues of £7.4 million, up 25% YOY and has demonstrated a strong track record of organic growth over a number of years.
Profit before tax during the period was £2.0 million with gross assets of £5.3 million, including intangible assets.
Mark Milner, Chief Executive Officer of Wilmington Plc, said: “The acquisition of Astutis, which is earnings enhancing, is consistent with our strategy in the GRC market to broaden and strengthen our training and education capabilities.
“Astutis embodies all of our six key business characterises in that it operates in growing GRC focussed regulated markets, has a strong and experienced management team, a comprehensive products suite, growing revenues and profits, and excellent digital capabilities.
“At the heart of our focus is our ambition to help our customers, who are operating in increasingly regulated markets, to do the right business in the right way, by providing a complementary range of information & data and training & education solutions. Astutis’ business model and core capabilities are a natural fit with our Training & Education division and will be highly complementary to our portfolio adding expertise within the Health, Safety and Environmental markets.”
Established in 2011 by Steve Terry, Brenig Moore and David Lea, Astutis has become a leading provider for workforce health and safety training, with an increasingly important capability in environmental management and sustainable business. Steve Terry and Brenig Moore are remaining with the business.
Astutis Limited is differentiated through the quality of its learning experience and by virtue of its digital-first delivery model, with strong offerings in e-learning and virtual training. It has strong relationships with enterprise clients both in the UK and overseas.
It offers training for a range of globally recognised Health, Safety and Environmental qualifications which are awarded by leading accreditation partners such as NEBOSH, IOSH and IEMA.