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Deal Summary
Primary Transaction
Status Closed Acquisition of Equity Stake
Feature
Announced Date Mar-27-2014 Bid Made Date -
Letter of Intent Date - Effective Date -
Definitive Agreement Date Mar-27-2014 Closed Date Jun-23-2015
CIQ Transaction ID IQTR261050043 Cancelled Date -
Sell-side Participants
Technology Hardware,
Company Name: Intellvisions Software Ltd Primary Industry:
Storage and Peripherals
Headquarters: India
Buy-side Participants
Buyer Company: aurionPro Solutions Limited (BSE:532668)
Deal Values
Total Consideration to Total Transaction Size (£
2.80 3.51
Shareholders (£ mm) mm)
Implied Equity Value (£ Implied Enterprise Value
2.80 2.66
mm) (£ mm)
Implied Enterprise Implied Enterprise
0.8x -
Value/LTM Revenue Value/NTM Revenue
Implied Enterprise Implied Enterprise
9.8x -
Value/LTM EBITDA Value/NTM EBITDA
Implied Enterprise Implied Enterprise
17.9x -
Value/LTM EBIT Value/NTM EBIT
Implied Equity Value/LTM
43.2x Offer Price/NTM Earnings -
Net Income
Implied Equity Value/Book Offer Price/Forward Book
0.8x -
Value Value
Synopsis
Comments
aurionPro Solutions Limited (BSE:532668) agreed to acquire Intellvisions Software Ltd (BSE:531777) for approximately INR
280 million in stock on March 27, 2014. aurionPro will issue 33 shares of its common stock for every 250 shares of the
common stock of Intellvisions Software. Post completion, Intellvisions Software will merge into aurionPro Solutions. The
staff, workmen and other employees will move from Intellvisions to aurionPro. The transaction is subject to creditors,
Boards of Directors and shareholders of aurionPro Solutions and Intellvisions Software, approval from High Court of Mumbai
and approval from Central Government or any other statutory or regulatory authority. The transaction has been
unanimously approved by the Board of Directors of Intellvisions Software and aurionPro on March 27, 2014. The meeting of
shareholders of Intellvisions Software will be held on October 1, 2014 as per an order of High Court of Mumbai.
As of October 4, 2014, it is notified that the transaction was approved by the majority of the shareholders of Intellvisions
Software Ltd and aurionPro Solutions shareholders have approved the deal on October 1, 2014. As of February 23, 2015,
the transaction is approved by High Court of Bombay. The scheme has been filed with Registrar of Companies and March
25, 2015 has been fixed as the record date to determine the name of the equity shareholders of Intellvisions who shall be
entitled to receive shares of aurionPro Solutions pursuant to the approved scheme. Chartered Capital and Investment
Limited acted as the fairness opinion provider and M. L. Bhuwania & Co, Chartered Accountants acted as the valuer for
Intellvisions Software Limited.
Deal Resolution
aurionPro Solutions Limited (BSE:532668) completed the acquisition of Intellvisions Software Ltd (BSE:531777) on June 23,
2015.
Advisors
Advisor Name Client Name Role Fee(£) Fee Percentage (%)
Chartered Capital and Investment Limited Intellvisions Software Fairness Opinion - -
(BSE:511696) Ltd Provider
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aurionPro Solutions Limited (BSE:532668) > Transaction Details > Merger/Acquisition Page 2 of 5
Transaction Details
Features
Stock Merger
Deal Conditions
Approval by Regulatory Board / Committee; Approval of Offer by Acquirer Shareholders; Approval of Offer by Target /
Acquirer Board; Approval of Offer by Target Shareholders; Approval/Consents of Lenders/Creditors; Subject to Court
Approval; Subject to Statutory Approval
Response to Conditions
Approval by Board (Unanimous)
Consideration Summary
Consideration Type
Common Equity - Fixed Ratio / Reported Final Variable
Offered Current/Final
Date Mar-27-2014 Date Jun-23-2015
Transaction Values
Offered Current/Final
Exchange Rate 0.010 Exchange Rate 0.010
Consideration to Consideration to
2.80 2.87
Shareholders (£ mm) Shareholders (£ mm)
Other Consideration (£ Other Consideration (£
- -
mm) mm)
Total Earnouts (£ mm) - Total Earnouts (£ mm) -
Total Total
Rights/Warrants/Options - Rights/Warrants/Options -
(£ mm) (£ mm)
Net Assumed Liabilities (£ Net Assumed Liabilities (£
(0.1) (0.1)
mm) mm)
Adjustment Size (£ mm) - Adjustment Size (£ mm) -
Total Net Transaction Total Net Transaction
2.66 2.73
Value (£ mm) Value (£ mm)
Total Cash & Short Term Total Cash & Short Term
0.85 0.85
Investments (£ mm) Investments (£ mm)
Total Gross Transaction Total Gross Transaction
3.51 3.58
Value (£ mm) Value (£ mm)
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Premium Analysis
Target Premiums Price per share (£ ) Premium
One Day Prior 0.21 16.0%
One Week Prior 0.22 10.0%
One Month Prior 0.16 53.8%
Target LTM Financial Information and Balance Sheet as of: Sep-25-2013 Period Ending: Mar-31-2013 Exchange
Rate = 0.012
Total Revenue (£ mm) 3.84 Total Debt (£ mm) 0.86
EBITDA (Incl. Equity Inc.
0.33 Total Preferred (£ mm) -
from Affiliates) (£ mm)
EBIT (Incl. Equity Inc.
0.18 Minority Interest (£ mm) 0.00
from Affiliates) (£ mm)
Total Cash & ST
Net Income (£ mm) 0.08 1.03
Investments (£ mm)
Earnings from Cont. Ops.
0.08 Net Debt (£ mm) (0.17)
(£ mm)
Diluted EPS before extra
0.01 Total Assets (£ mm) 5.97
(£ )
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aurionPro Solutions Limited (BSE:532668) > Transaction Details > Merger/Acquisition Page 5 of 5
Buyer LTM Financial Information and Balance Sheet as of: Feb-14-2014 Period Ending: Dec-31-2013 Exchange
Rate = 0.010
Total Revenue (£ mm) 61.52 Total Debt (£ mm) 13.27
EBITDA (Incl. Equity Inc.
4.86 Total Preferred (£ mm) -
from Affiliates) (£ mm)
EBIT (Incl. Equity Inc.
5.04 Minority Interest (£ mm) -
from Affiliates) (£ mm)
Total Cash & ST
Net Income (£ mm) 5.64 1.36
Investments (£ mm)
Earnings from Cont. Ops.
5.65 Net Debt (£ mm) 11.91
(£ mm)
Diluted EPS before extra
0.32 Total Assets (£ mm) -
(£ )
Total Common Equity (£
50.77
mm)
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