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2e2 announces cash offer to acquire Netstore plc
Acquisition will create leading UK managed services player

Newbury, 12 August 2008 – 2e2, a leading provider of mission-critical IT services, has today announced that it has made a recommended cash offer for Netstore plc for £57m.

Netstore delivers powerful IT platforms, applications and services that are built on three core competencies:

Managed Services - Through it’s Managed Services offering, Netstore develops and delivers bespoke IT systems, IT skills, business processes management and technology innovation to achieve higher business performance and maximise a company's IT spend through increased efficiency, cost management and value added services.

Expert Services - Expert Services consists of two sub-divisions, Infrastructure Consulting and Application Consulting. Application Consulting specialises in the design, build and implementation of business solutions such as portals, transactional websites, trading platforms and internet driven business tools on the Microsoft platform. Infrastructure Consulting focuses on enabling organisations to realise greater value from their investment in their messaging, voice and server estates.

Security Services - Netstore offers both infrastructure security and on-line IT security solutions to protect, secure, transfer, enrich, and analyse IT data.

2e2 believes that the acquisition of Netstore will see the union of two strong and established names in the IT services industry. Netstore will complement 2e2's existing offering, adding further value to the customer bases of both businesses and increasing the range and depth of the services offered which 2e2 believes will add further value to the customer bases of both businesses. It is also expected that the Enlarged Group will benefit from increased penetration and retention of its customer base and the limited overlap between customers will further enhance this advantage. In addition, the 2e2 Directors believe that the greater scale of the Enlarged Group will enable it to compete more effectively in its target markets and to attract and motivate high calibre staff.

Eric Priestley, Non-executive Chairman of the 2e2 Group said:

'We are delighted to announce this transaction which brings together two strong and established names in the IT services industry and potentially creates a platform for further growth for the Enlarged Group. We believe this creates an exceptional opportunity to engage more broadly with our customers and create a compelling force in the UK market. We look forward to welcoming the employees and customers of Netstore into the 2e2 Group.'

Paul Barry-Walsh, Executive Chairman of Netstore said:

'We are very pleased to be announcing this transaction today as I believe it represents a satisfactory conclusion of our strategic review on behalf of shareholders, customers and staff. By bringing together 2e2 and Netstore we can secure greater market presence and capitalise on our promising market position.

The acquisition by 2e2 will accelerate our growth in a way we could not achieve independently. It offers our shareholders an attractive cash price and will enable our customers and employees to benefit from being part of a growing, dynamic, successful group.'


Publisher Contact Information:

2e2 UK Limited
01635 568000

Company profile of 2e2 UK Limited
Past press releases of 2e2 UK Limited.


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