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Expansys buys GlobalPositioningSystems

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Pocket GPS Staff
Pocket GPS Staff

Joined: 20/08/2002 11:51:57
Posts: 3859
Location: Essex, UK

PostPosted: Tue Jul 31, 2007 11:42 am    Post subject: Expansys buys GlobalPositioningSystems Reply with quote

A surprise announcement of the purchase of YooNoo Ltd (GlobalPositioningSystems) by Expansys was announced yesterday. GlobalPositioningSystems and its sister companies was acquired in a deal worth up to 1.2 million over the next year.

Is this a sign of things to come? For a while now the Internet channel has been offering cut-throat pricing, where the retailers make very small margins, relying on high volumes to make profit. There has been fierce competition and these companies often have to compete not only with eBay but also the manufacturers selling direct.

YooNoo (as GlobalPositioningSystems) were one of the early supporters of PocketGPSWorld.com. We wish Simon and his staff all the best for the future.

Expansys press release wrote:
eXpansys Plc
30 July 2007


Acquisition of YooNoo Limited

eXpansys plc ("eXpansys" or the "Group") is pleased to announce that it has acquired YooNoo Limited ("YooNoo"), the owners of www.globalpositioningsystems.co.uk, www.shiroi.co.uk and www.goaudio.co.uk, for an initial cash consideration of 0.2 million. Deferred consideration of up to 0.9 million will be payable, depending on the performance of YooNoo in the 12 months following completion. Of this deferred consideration, 50% must be paid in cash with the remaining 50% being payable in either cash or eXpansys shares at the discretion of the eXpansys Board. The total consideration payable for YooNoo will not exceed 1.2 million. On completion, YooNoo had net cash of 0.3 million
and stock of 0.4 million.

YooNoo, through its website www.globalpositioningsystems.co.uk, is the market leading online retailer of satellite navigation systems in the UK. The directors of eXpansys believe that YooNoo will fit neatly into the eXpansys group and that significant cost savings will be achievable through economies of scale, particularly in warehousing, financing and IT.

Roger Butterworth, CEO of eXpansys, said: "YooNoo owns three significant web brands with a reputation for providing good customer service and having real product knowledge. So, I am delighted to announce the purchase of this business which adds depth to the eXpansys group of companies.

"I believe that, following flotation, eXpansys is well positioned to develop
these brands and deliver further growth."

Mike Barrett
Editor, PocketGPSWorld.com
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