MS Software Firm To Be Acquired
NuSep stated that the acquisition will provide it with a larger sales force, wider coverage of the US market and cost savings. For fiscal 2009 ended June 30, NuSep posted revenues of AUD 2.0 million ($1.5 million = AUD 1.36 = $1) and an operating loss of $2.5 million ($1.9 million) (see IBO 10/15/09).
Sydney, Australia 12/9/09—NuSep, a publicly-listed maker of pre-casts gels and systems for bioseparations, has signed a letter of intent to acquire BioInquire, the developer of the ProteoIQ software for MS data analysis. BioInquire projects a profit of $1.2 million for 2010. The purchase price consists of an initial payment of $1.5 million; a $1 million payment upon receipt of audited results for the period up to December 2010, conditioned upon the meeting of certain milestones; the issuance of $500,000 in NuSep stock in December 2010; and a cash payment in June 2011. In total, NuSep will pay three times its net profit before tax for 2010. “We are delighted with the BioInquire acquisition because their products will accelerate the adoption of the ProteomeSepMF10 and the acquisition will provide an additional two cents per share profit this financial year,” stated John Manusu, executive chairman of NuSep.
