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  Solution 6 to acquire MICL Holdings Limited

Solution 6 today announced the acquisition of leading UK based IT solutions provider, MICL Holdings Limited. The agreement will see Solution 6 purchase 100% of MICL's issued share capital, and will include the acquisition of MICL's 100% interest in Viztopia Software Limited.

Solution 6 will acquire MICL Holdings Limited and its interests for a total transaction cost of approximately $Aus 16.7 million, (£6.5 million) to be satisfied in cash with staggered payment arrangements.

Management Information Centres Limited (MICL) provides complete software and service solutions to Chartered Accountants, small to medium size enterprises, through to some of the best known national organisations in the UK.

Viztopia is a leading UK producer of software for the accounting profession, acquired by MICL in 1995 and operational in 800 sites across 650 UK practices. Viztopia suites have been implemented within 15 of the top 25 UK accounting practices.

MICL employs approximately 70 staff in 3 locations throughout the UK, with its head office in Watford. MICL's Managing Director, Laurence Milton and all senior staff are expected to remain with the company.

Neil Gamble, Chief Executive Officer of Solution 6 said that the acquisition of MICL expands Solution 6's product range in the UK. It complements Solution 6's leading position with its tax product, as well as providing Solution 6 with the resources and distribution channels to make greater inroads into the European market.

"MICL fits our articulated acquisition strategy well. It enables us to fulfil a product and service need as well as expand our presence in one of our key geographies. The acquisition also strengthens the UK senior management team, particularly with the combination of Mr Hugh Begg's, our UK Managing Director's extensive IT background and Mr Milton's significant experience in the accounting software arena."

"MICL is highly regarded for its accounts production package in the UK. This combined with Solution 6's leading presence in the tax area, ensures that Solution 6 enhances its overall position in the UK accounting market," said Mr Gamble.

"Over the last 5 years, Viztopia has established itself as the leading accounts production package in the UK. The product is now a full 32-bit package, and up to Version 3.0 of its release. In addition, our practice management product is in use in well over 200 practices in the UK, and with the SQL version having just been released, we anticipate that this product too, will make us even more attractive to the professional accountancy market," said Mr Milton.

"MICL has proven its ability to bring products and services to market quickly, and to anticipate the needs of the changing accounting practice, particularly with the introduction of their highly functional 32 bit products and knowledge management solutions. MICL combined with Solution 6's existing product range, brand presence and global resources are well placed to compete in the UK accounting market," concluded Mr Gamble.

About MICL Holdings Limited

Since 1983 MICL has focused on providing complete hardware, software and service solutions to a client base that ranges from firms of Chartered Accountants and small and medium sized companies to some of the best known national organisations in the UK. The continued expansion of the MICL Group led in 1998 to the formation of Viztopia Software Limited, a sister company that focuses exclusively on the Viztopia range of accountancy software solutions, whilst MICL concentrates on total system specification and implementation.

The Viztopia Knowledge Management product released in 1999, enables a practice to easily implement a company wide intranet by collecting dispersed, relevant information from around a practice and presenting it as a single resource.

19th September 2000


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