LDC in £41m Workplace Systems take-private

Alongside senior members of the management team, LDC formed the Wasp Management Software holding company to complete the P2P transaction. The £41m offer is more than double Workplace Systems' current £20m market cap.

Workplace Systems has applied for cancellation of its admission on AIM, which is expected to take place on 2 February. LDC reportedly secured an 82% stake in the business, with management holding the balance.

LDC stated it foresees excellent growth prospects for the enterprise software sector, especially given the growing popularity of software-as-a-service (SaaS) offerings.

Company
Established in 1986, Workplace Systems develops and distributes workforce management software products, and also offers consulting services in the field. Headquartered in the UK, the business has offices in North America and Australia. Its client list includes BAE Systems, BBC, British Airways, E.ON Energy Services, Eurostar and H&M.

Workplace Systems listed on the London Stock Exchange in 2005. It posted a £9.1m turnover for the year ending in March 2011, with a £350,000 pre-tax loss.

People
Daniel Sasaki led the deal for LDC. Barney Quinn is CEO of Workplace Systems.

Advisers
Equity – Torch Partners (M&A).

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