DICOM Group plc: Acquisition of Neurascript

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DICOM Group plc, the global leader in the Information Capture market, announces the acquisition of Neurascript Limited (Neurascript), a leading worldwide provider of Information Capture tools. Neurascript is being purchased for a total consideration of up to 8.3m, 2.4m payable on completion, 0.6m payable on the first anniversary and a further contingent variable deferred consideration of up to 5.3m, payable in cash, depending on the achievement of certain targets.

Headquartered in Cambridge, UK, Neurascript develops software tools that automate the recognition, extraction and indexing of information from business documents and forms. The integration of Neurascripts tools will strengthen DICOM Groups portfolio of Information Capture technologies that maximise the performance of business processes, and provide a flexible development platform to pursue large enterprise opportunities.

Said Arnold von Bren, Chief Executive Officer, DICOM Group: The acquisition of Neurascript is a natural and strategic extension of a long-standing relationship. We consider Neurascripts high-end Information Capture tools to be core technology, especially as modules for our Ascent application platform. He added: The Neurascript development team will be fully retained and strengthens our leadership position in the Information Capture market by providing significant expertise in the development of enterprise solutions.

Said Richard Brierton, Managing Director, Neurascript: Neurascript has created scalable and robust tools that streamline the transformation of documents and forms into electronic information. Our technology complements the industry-leading products of Kofax, DICOM Groups US-based product development and marketing centre. We look forward to working together to expand the pervasiveness of our Information Capture technology among our worldwide partners and customers.

For the financial year to 31 March 2004, Neurascript reported sales of 1.3m and a net profit of 43,000. As at end of March 2004, the company had net assets of 376,000, including net cash of 433,000.

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