The latest analysts note from Scotia Capital (specifically relating to MDA) reflects the continuing uncertainty surrounding HIPs. The note reads...
"Yesterday the UK government tabled revised Home Information Pack regulations formalising changes announced May 22 with HIPs expected to launch on 1st August 2007.
What It Means
• Revised regulations indicate further review of HIPs. Our view is that the new regulations offered limited data to increase confidence that the implementation of HIPs will not experience further delays or changes. Key highlights include: a) plans to subsidize 5,000 HIPs to collect sufficient data to review the impact of the program, b) decisions regarding further amendments will be based on industry consultations held over the summer, and c) HIPs will launch August 1 for homes with 4 or more bedrooms with rollout to other properties based on the availability of certified assessors.
• Transition in UK leadership next catalyst. Our view is that the June 28 transition in political leadership to Gordon Brown from Tony Blair represents a key date as cabinet changes could offer insight into the new government's view on HIPs."
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Tuesday, June 12
Analysts note reflects HIPs uncertainty
by
Charles Christian
on Tue 12 Jun 2007 13:59 BST
TFB say independent specialist IT suppliers are the safer bet
by
Charles Christian
on Tue 12 Jun 2007 10:45 BST
Following yesterday's announcement by Hellman
& Friedman LLC that they have taken over Computer Software Group (see previous blog posting) the directors of the TFB Group have made the following statements...
Simon Hill, TFB's managing director said: "When we rejected approaches from the CSG Group in March 2006 we did so at the time as we remained unconvinced of their long term commitment to, and strategy for, the legal software market in the UK. The most recent announcement, coming as it does just some six days after the acquisition of Mountain Software, reinforces that view. The TFB Group has always taken the view that the legal profession supports the approach of independent specialist legal IT suppliers. TFB continues to be profitable and we anticipate that this year will be our best yet with operating profits edging towards £1m. "It is interesting to note that recent business press articles and Government statements have already started to raise concerns at the levels of debt now being taken on, via multinational private equity companies, at multiples not seen the since dotcom era and the potential issues for customers and employees." Mark Garnish, TFB's Business Development Director added: "We remain convinced that only a specialist independent company, with a clear vision and strategy, can best deliver the exacting requirements our clients demand and we remain grateful to all of them for their continued support and loyalty. Some of the legal companies within the CS Group will have had 3 to 4 owners, all within a very short space of time, and it is difficult to understand their long term strategy for product development across the Group. We have already gone on record as saying that we have no plans to end of life Partner for Windows and have a very exciting R&D program in place for the next few years, which has been well received by our clients as being highly appropriate to their needs." Monday, June 11
More changes with the CS Group empire
by
Charles Christian
on Mon 11 Jun 2007 15:12 BST
Investment partnerships affiliated with Hellman & Friedman LLC, a leading global private equity group specialising in various service sectors including software, financial services and media, has majority funded the £500 million merger and recapitalization of IRIS Software Group Limited and Computer Software Group – the latter best known in the UK legal market as the owner of the AIM, Videss, Laserfotm and Mountain legal software businesses. The enlarged business has combined pro forma revenues of over £100 million and will trade under the IRIS brand umbrella.
Both businesses have been acquired from HgCapital, which will remain a significant shareholder in the combined Group. Lloyds TSB Development Capital (LDC) will exit from its longstanding investment in IRIS. H&F will be the majority shareholder while management, employees and HgCapital will remain substantial shareholders. Bank finance and acquisition facilities have been provided by Citigroup and Credit Suisse. Martin Leuw, Chief Executive of IRIS will become Group Chief Executive of the enlarged Group. He will be joined on the Board by Neal Roberts, IRIS CFO who will become Group CFO and Vin Murria, the CS Group Chief Executive (who will become Chief M&A Officer). H&F will be represented by Patrick Healy, Stephen Duckett and Luca Velussi who will join the Board as non-executive Directors. Commenting on the deal, Vin Murria said "The combination of IRIS's market leading solutions (the software is used by around 15,000 accountancy organisations) and highly successful operational capabilities are hugely complimentary to CS Group's M&A driven growth and niche market focus. This is an exciting opportunity to dynamically grow a successful customer centric business that can only be positive for all clients and employees alike. We too are delighted to have the backing of Hellman & Friedman." Stephen Duckett, Managing Director at H&F said "Both IRIS and CS Group are exceptional businesses with strong positions in key verticals, high levels of subscription revenue and tremendous future growth potential. They have produced strong organic growth by delivering a high-quality product set and market leading levels of customer service, demonstrated by exceptional customer retention levels. The strategic logic for this business combination is very sound and we have successfully adopted a similar investment approach in the USA vertical software sectors. We see excellent opportunities for further organic growth supplemented by continued complementary acquisitions". • Here on the Insider its probably too early to make any comments on the implications of this deal – although its worth noting that it means the likes of AIM, Videss and Laserform have now had 4 different owners within the last 12 months. Tuesday, June 5
Computer Software Group buys another – this time its Mountain
by
Charles Christian
on Tue 05 Jun 2007 15:20 BST
The Computer Software Group Ltd (CS Group) has just announced that it has acquired Mountain Software Group Ltd to expand and strengthen its solution portfolio for the legal sector. This acquisition, following the acquisitions in 2006 of the AIM Group (April), Laserform (June) and Videss (July), enables CS Group to broaden its coverage of the specialist software market servicing solicitors in England and Wales, to enter the solicitors market in Scotland, and to build on the strong market position that Mountain Software has successfully established in barristers and coroners sectors.
Vin Murria, CEO of Computer Software Group commented: "As a leading supplier to the legal sector we need to be able to offer our customers the solution choice in all the key sub-sectors: solicitors, barristers and coroners. This acquisition will extend CS Group's coverage of the solicitors' market in England and Wales while adding the 25% market share of the solicitors' market in Scotland. We will also be able to offer a broader solution portfolio to the strong client base that Mountain has established with both barristers and coroners, with over 90% market share". Ian Knox, Managing Director of Mountain Software added: "This move has given Mountain Software, its clients and staff a secure and exciting future. The CS Group Legal Division has become the largest and most influential player in the legal IT market and we are proud to be on board. The Group's additional resource and expertise will enhance Mountain Software' ongoing programme of developing and delivering leading IT solutions to all key sectors in the legal market." The Legal Division of the CS Group now has a combined customer base exceeding 4000 law firms, professional services organisations, public sector and corporate legal departments, as well as over 300 barristers chambers. (Because the CS Group is no longer publicly listed, it no longer has to disclose the price it paid for Mountain.)
Eversheds in £27 million outsourcing deal
by
Charles Christian
on Tue 05 Jun 2007 12:28 BST
Eversheds has outsourced its UK Service Desk, desk-side support and datacentre hosting and management to Computacenter Services under a £27 million contract. Bryan Hughes, UK managing partner for Eversheds LLP, said "We are a law firm, not a specialist IT provider and this, coupled with the fact that we had finite internal resources, meant that we could never be at the cutting-edge of legal technology. However, working with an external provider will give us access to far greater resource and cutting-edge technology, which will help transform our service offering and, we believe, give us a real differentiator in the legal marketplace."
Under the agreement, Computacenter Services will manage and host the firm's datacentre environments and provide 24x7 IT support services to 4000 users across Europe and Asia. Malcolm Simms, IT Director for Eversheds, added "The partnership we have with Computacenter will allow us to accelerate the transformation and our service delivery improvement programme. The retained IT team will be free to focus on an extensive programme of innovation across the firm over the next five years that will help us deliver leading-edge business solutions that benefit our people and clients." As well as providing 24 x 365 IT management and support, Computacenter Services will also undertake a number of technology transformation projects as part of the agreement. These include consolidating the law firm's existing datacentres to two Computacenter Services facilities, deploying a virtualised infrastructure and rolling out new storage and archiving solutions. One of the key objectives for Eversheds, which has 32 offices across EMEA, is to provide staff with access to core systems from anywhere in the world and at any time. Thanks to Computacenter Services‚ extensive resources, it will be providing the law firm with a round-the-clock service desk, based on ITIL best practice and remote management techniques. Neil Muller, Director of Computacenter Services‚ Managed Services Business Unit, commented: "By optimising Eversheds‚ infrastructure and IT management processes, we will be able to decrease the demand for support services which will help cut the firm‚s operational overheads. By drawing on the resources of our Shared Services Factory, we can ensure that clients maximise their investment in selective outsourcing by enabling continual improvement and innovation and the sharing of best practice and proven processes." Under the contract, 79 staff have transferred from Eversheds to Computacenter Services under TUPE regulations. Simms said: "We have been very impressed by Computacenter Services‚ expertise in dealing with the transfer of our staff, and are content that they will be able to provide our transferred people with far greater career development opportunities than we could in-house."
Judgment sounds warning for validity of standard contracts
by
Charles Christian
on Tue 05 Jun 2007 10:27 BST
We don't usally report on legal issues however we're making an exception here, with this item from Carina Badger and Neil Wallis, as it could have widespread implications within the ... more »
Microsoft CRM specialist buy CRM consultancy
by
Charles Christian
on Tue 05 Jun 2007 10:12 BST
US-based Client Profiles, best known in the UK for its CRM4Legal application based on the Microsoft Dynamics CRM platform, has bought the CRM consulting practice of Lynch Marks. Since 1998, ... more »
Friday, June 1
Ultima wins first legal sector outsource deal
by
Charles Christian
on Fri 01 Jun 2007 08:25 BST
London-based law firm Olswang has awarded Ultima Business Solutions an outsourcing contract to manage its IT infrastructure. The deal requires 24/7 monitoring and support, in a deal worth £3m over ... more »
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