What's New

Westchester Advises Netstore in Recent Acquisition of Cassium -- Transaction announced by Netstore on May 16, 2005

LONDON - May 17, 2005 - Westchester Associates Limited (www.westchester.co.uk) today announced that it advised Netstore plc ("Netstore") in all aspects of its recently announced acquisition of Cassium Technologies Limited ("Cassium").

Netstore, a leading provider of managed IT solutions, announced it has entered into an agreement to acquire the entire issued share capital of Cassium. Cassium is a UK-based IT services company that offers business consultancy, technology consultancy and Microsoft based managed services largely to the Financial and Telecommunications sectors. For the financial year ended 31 January 2005, Cassium reported turnover of £5.0 million and an operating profit of £0.5 million.

Netstore believes the acquisition will add business consultancy skills that will facilitate the sale of its managed IT solutions; in demand technology skills, and a significant customer base in Netsore's target markets. Cassium already services a number of high profile financial organisations in the City and also works closely with British Telecom, with whom Netstore also has a strong trading relationship.

Neil Lloyd, Netstore Chief Executive, stated "one of the primary reasons for engaging Westchester as our advisors was their thorough knowledge of the technology market. Once engaged, Westchester immediately began bringing us relevant acquisition candidates which included Cassium. Westchester's market knowledge, M&A expertise and ability to find, qualify and deliver relevant candidates have made a valuable contribution to our acquisition strategy."

Completion of the agreement is conditional on the admission to trading on the AIM Market of the London Stock Exchange of the relevant consideration shares. 

About Westchester Associates

Westchester Associates are specialists in technology mergers and acquisitions (M&A) services. We represent and advise Sellers and Buyers in M&A projects in the UK, Europe and the USA, with specific focus in software and service businesses.