Update: Xibis extends the offering to mobile apps
SCISYS has acquired privately owned Xibis, which provides web and mobile app solutions largely to the retail sector, for up to £3.2m. The deal extends the group’s offerings into a new, high-growth area with attractive c 20% margins. In our view, SCISYS’s larger size and plc profile should enable Xibis to win bigger deals within Xibis’s client base. Further, SCISYS plans to cross-sell Xibis solutions to its existing client base and the additional offerings should strengthen SCISYS’s pitches for new business. Nevertheless, the shares trade on an attractive c 9x our FY15 EPS.SciSys designs and delivers bespoke software systems, customized product solutions and professional services. Co. has four divisions: Space, which combines work for space institutions in specialist research and development with marketing and delivers commercial off-the-shelf software, and bespoke software solutions to commercial space operations; Enterprise Solutions & Defense, which creates software systems across defense, security and maritime, government and emergency services, and commercial business groups; Media & Broadcast, which provides radio broadcasting solutions, the dira! software solutions suite; and Xibis Ltd, which is a software house focuses on web and mobile-app solutions.
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