He was previously with New York headquartered Genpact, a global professional services firm delivering digital transformation by putting digital and data to work to create competitive advantage. Kit Kyte has joined the Group as Chief Commercial Officer in the UK and will lead the Sales, Marketing and Commercial Operations functions. The Directors believe that, based on relative population sizes, the US represents an addressable market around five times larger than the UK, and therefore believe the acquisition represents a significant milestone in its growth strategy.Ĭheckit is also pleased to announce the appointment of two senior business development executives, Kit Kyte and Steve Peck, effective 1 February 2021. The acquisition serves to accelerate the Group's US expansion plans, providing a footprint and an opportunity to add further scale.
If the businesses had been consolidated during that period, approximately £1 million would have been added to Group sales per annum after eliminating intercompany sales on consolidation. In the year ending 31 December 2020 Tutela's sales were approximately $2m (£1.46m) with profit before tax of $0.27m (£0.20m) and net assets (including cash) amounting to $0.16m (£0.12m). The Group intends to utilise Tutela as a platform to pursue all industries and verticals targeted by Checkit. Tutela which is based in Florida, provides wireless temperature monitoring systems for all applications and facilities which store sensitive inventory for businesses within the healthcare sector. It was sold to the US management team of Tutela in August 2018. Tutela was previously owned by Next Control Systems Limited (now Checkit UK Limited, a subsidiary of the Group), before Next Control Systems Limited was acquired by the Group in May 2019. The acquisition has been funded from the Group's existing cash resources. This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) No 596/2014.Īcquisition and Senior Business Development AppointmentsĬheckit plc (AIM:CKT) is pleased to announce the acquisition of the entire issued share capital of its US based sole distributor Tutela Monitoring Systems LLC ("Tutela") including cash of approximately $0.25m in Tutela as at the date of completion for a total upfront cash consideration of $0.85m (£0.62m).
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