Will receive gross proceeds of 207 mln pounds (Il Sole 24 Ore Radiocor) - London, 09 Jul - Capita, a UK business process outsourcing and professional services company, said that it has agreed to sell its standalone software business Capita One to Orchard Information Systems Limited, a wholly-owned subsidiary of the MRI Software, in a deal that values the business at 200 million pounds on a cash-free, debt-free basis.

This represents an about 10 times multiple on 2023 EBITDA for Capita One of about 21 million pounds.

Capita will receive expected gross cash proceeds of approximately 207 million pounds upon completion of the disposal. Prior to completion, the croup also expects to receive a cash dividend of 4.8 million pounds from Capita One.

Capita One provides local authorities, local education authorities and housing associations with revenues & benefits, social housing management and education management software. It helps local authorities drive efficiency, maximise revenue collection, and deliver essential public services as cost effectively as possible.

The sale follows an evaluation of certain activities currently carried out by Capita that are not core to its future strategy.

The disposal is expected to complete towards the end of August, Capita added.

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(RADIOCOR) 09-07-24 09:45:18 (0191) 5 NNNN