|By RealWire News Distribution||
|February 4, 2013 09:13 PM EST||
eg solutions plc ("eg" or "the Company"; LSE-AIM: EGS), the back office optimisation software company, announces that it has signed a strategic partnership and re-seller agreement ("the Agreement") with Aspect Software Inc. ("Aspect"), the global provider of customer contact and enterprise workforce optimisation solutions. In addition, Aspect, through its UK subsidiary, Aspect Software UK Limited ("Aspect UK") has agreed, conditional on admission of such shares to AIM ("Admission"), to subscribe for 1,712,392 ordinary shares of 1 penny each in the capital of the Company ("New Ordinary Shares") at a price of 73 pence per share ("Placing"). The agreement is for a 3 year period and shall automatically renew for successive one year periods unless 90 day's notice of termination is given by either party prior to the expiration of the then current term.
On Admission, the New Ordinary Shares will represent 10.69 per cent. of the issued share capital of the Company. The New Ordinary Shares will rank pari passu in all respects with the Company's existing issued Ordinary Shares. In the event that the New Ordinary Shares are not admitted to AIM by 8 a.m. on 8 February 2013, unless otherwise agreed by the parties, the Placing shall not proceed and neither party shall be under any further obligation to the other.
Under the Agreement Aspect will have exclusive distribution rights for the eg operational intelligence® software suite in Asia Pacific and the Americas and the rest of the world (other than Europe, the Middle East and Africa), and will work jointly with eg in Europe, the Middle East and Africa. The Company's eg operational intelligence® software will also be integrated with Aspect's eWorkforce Management and Performance Management products to provide a single back office optimisation solution.
Aspect will invest resources in sales, sales support and delivery, as well as providing 24x7 international support for eg's global customers.
In addition to exclusivity for eg operational intelligence®, the Company will provide training and sales support, including awareness training for Aspect's entire sales team and specialist training and sales support for its back office optimisation team.
Under the Agreement Aspect is entitled to appoint a non-executive director to the board of the Company and will announce details of the first appointment in due course.
Key terms of the Placing
The Placing is governed by a placing letter, dated 4 February 2013, between eg and Aspect UK ("Placing Letter"). Under the terms of the Placing Letter, Aspect UK agrees to subscribe for the New Ordinary Shares as described above. Under the terms of the Placing Letter, the Company gives certain warranties to Aspect UK.
In addition to the subscription for the New Ordinary Shares, Aspect UK has been granted a conditional right to subscribe for up to 400,000 Ordinary Shares ("Warrants), such Warrants to be determined by the achievement of annual gross revenue targets ("Targets") for the 395 days from the date of the Agreement ("Year 1") and the 12 months following Year 1 ("Year 2"). Subject to achieving the Targets, Aspect shall be granted Warrants over up to 200,000 Ordinary Shares for Year 1 and up to a further 200,000 Ordinary Shares for Year 2. Warrants shall be exercisable at a price of 79 pence per share. Once granted, Warrants may be exercised within two years of Year 1 or Year 2, as appropriate.
Aspect UK and the Company have entered into a relationship agreement ("Relationship Agreement") to regulate the relationship between the parties and to provide each of the parties with certain rights. The key terms of the Relationship Agreement are:-
- For so long as Aspect UK holds more than 10 per cent of the issued share capital of the Company and is not the subject of a change in control by a competitor of the Company, it shall be entitled to appoint, maintain in office and remove a director of the Company ("Aspect Director").
- For so long as either: (a) Aspect UK is entitled to appoint an Aspect Director but such director has not been appointed or, if appointed, is not entitled to attend a meeting of the Board or a committee of the Board; or (b) if Aspect UK is not entitled to appoint an Aspect Director, the Company shall permit a representative designated by Aspect UK to attend as observer at all Board and committee Meetings;
- The Aspect Director may not, unless otherwise agreed by the Board of eg, participate in any discussions or vote on any matter amounting to a related party transaction to which Aspect is a related party for the purposes of the AIM Rules or any matter relating to a claim to be brought by Aspect or any member of its group ("Aspect Group") against the Company.
- Aspect UK undertakes to the Company to use its reasonable endeavours to ensure that eg and its group ("eg Group") is not prevented from carrying on its business independently of the Aspect Group and that all transactions between the eg Group and the Aspect Group are conducted on arm's length terms.
- In the event of an offer for eg by a bona fide third party purchaser on arm's length terms, and a majority of the issued Ordinary Shares accept that offer such that would result in a change of control of eg, the eg Board shall have the option to require Aspect UK, subject inter alia to any such offer being declared unconditional in all respects and the price payable for all the Ordinary Share held by Aspect UK being not less than 90 percent of the aggregate price paid for all such Ordinary Shares, to transfer its Ordinary Shares to the bidder under the offer.
- Aspect UK undertakes with eg that, for a period of 3 years from the date of the Relationship Agreement, it will not, and will procure any person acting in concert with it that it will not, directly or indirectly acquire, agree to acquire or take any option over any interest in any securities issued by the Company or any derivatives referenced to such securities or make any announcement with respect to any offer or any potential offer under the City Code on Takeovers and Mergers, in each case without the consent of the eg Board.
- Aspect UK agrees that it shall not for a period of one year from the date of the Relationship Agreement dispose or agree to dispose of any Ordinary Shares without the prior written consent of the eg Board, and thereafter only to dispose of such shares through a bookrunner nominated by the Company, provided that if that bookrunner has not disposed of the Ordinary Shares within 10 business days of a request to do so, Aspect UK shall be free to dispose of such shares through a broker of its own choice.
- The Relationship Agreement shall terminate on the Aspect Group ceasing to hold three per cent. or more of the Ordinary Shares in issue, the Ordinary Shares ceasing to be admitted to AIM or eg being the subject of a change in control.
Elizabeth Gooch, eg's Chief Executive Officer, commented:
"We are delighted with this strategic partnership and re-seller agreement. Aspect is totally committed to the rapidly emerging back office optimisation market and recognises eg's technology and product leadership in satisfying the requirements of this new market.
Both companies are totally aligned in approach to back office WFM and performance management. Together we offer a single solution to manage work and optimise resources both within and between the front and back office.
We are now able to take full advantage of this major growth opportunity and accelerate the expansion of our customer base and geographic reach, as well as strengthen our capabilities for existing customers. This partnership will enable us to secure further contracts with our global clients and rapidly increase distribution of our products and services. Combined with the strategic client wins we have secured over the past 12 months the partnership will transform the financial prospects of the Company."
Spence Mallder, Senior Vice President, General Manager of the Workforce Optimization division and Chief Technology Officer at Aspect said:
"Aspect will now be able to seamlessly orchestrate the people and processes that flow within and between the back office and front office to optimise how service is delivered. eg's domain expertise in the back office, along with the most open and flexible work distribution solution on the market, made them a natural strategic partner for Aspect. The complementary software and expertise of eg and Aspect create a very powerful process optimisation solution that efficiently delivers a cohesive, customer-delighting service experience."
The combined solution of Aspect and eg can help customers realise these savings by:
- minimising repeat calls for the contact centre that arise from back office inefficiencies;
- increasing overall customer satisfaction;
- decreasing costs arising from errors, lags, and inefficient back office resource utilisation;
- providing visibility into throughput, resource performance, quality of work and overall performance of all resources affecting customer deliverables;
- managing back office knowledge workers and output against KPIs; and
- automating common processes to enforce best practices and minimise error and inefficiency.
During the second half of the year ended 31 January 2013, the company has undertaken extensive work on pilot projects with new clients secured at the start of the year.
However, in view of the discussions that have been taking place with Aspect, which were required to provide global software and other support to these clients, the deployment of various projects beyond the pilot stage has been delayed.
As a result, revenue for the year ending 31 January 2013 is expected to be significantly below market expectations at £4.81 million (2012: £4.71million). Following the completion of the Aspect Agreement, it is expected the projects will move to full implementation with the previously anticipated revenues falling into the current year ending 31 January 2014.
The results for the year ended 31 January 2013 will be announced on 20 March 2013.
- END -
eg solutions plc +44 (0) 1785-715772
Elizabeth Gooch, Chief Executive Officer www.eguk.co.uk
Bankside +44 (0) 20-7367-8888
Panmure Gordon + 44(0) 20-7886-2500
Fred Walsh or Charles Leigh-Pemberton
About eg solutions plc
eg solutions plc is a global back office optimisation software company. Our software provides historic, real-time and predictive Operational MI. When implemented with our training programme for managers and team leaders to use this intelligence, we guarantee improvements in operational results in short timescales.
The Company, which is listed on the Alternative Investment Market ('AIM') of the London Stock Exchange, is committed to customer satisfaction and the ongoing development of its operations management solutions.
About Aspect Software Inc.
Aspect builds customer-company relationships through a combination of customer contact software and workforce optimisation for the enterprise. Aspect has helped more than 3,000 clients in 50 countries build better customer-company relationships, and has more than 1,000 worldwide patents or patents pending and is certified in 14 Microsoft Gold and Silver competencies. For more information, visit www.aspect.com.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
Jan. 18, 2017 09:00 AM EST Reads: 4,389
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
Jan. 18, 2017 08:15 AM EST Reads: 5,942
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
Jan. 18, 2017 08:00 AM EST Reads: 4,249
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 18, 2017 07:45 AM EST Reads: 4,605
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Jan. 18, 2017 06:45 AM EST Reads: 2,749
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
Jan. 18, 2017 06:30 AM EST Reads: 4,608
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
Jan. 18, 2017 06:30 AM EST Reads: 1,171
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
Jan. 18, 2017 05:45 AM EST Reads: 2,895
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
Jan. 18, 2017 05:15 AM EST Reads: 3,575
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
Jan. 18, 2017 03:45 AM EST Reads: 4,007
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT depl...
Jan. 18, 2017 02:30 AM EST Reads: 1,860
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at Dell EMC, introduced a methodology for capturing, enriching and sharing data (and analytics) across the organization...
Jan. 18, 2017 02:15 AM EST Reads: 3,226
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
Jan. 18, 2017 01:30 AM EST Reads: 4,214
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
Jan. 18, 2017 01:15 AM EST Reads: 4,928
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jan. 18, 2017 01:00 AM EST Reads: 6,061
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 18, 2017 12:00 AM EST Reads: 2,265
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, John Jelinek IV, a web developer at Linux Academy, will discuss why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers...
Jan. 17, 2017 11:00 PM EST Reads: 688
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal ...
Jan. 17, 2017 10:30 PM EST Reads: 2,383
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
Jan. 17, 2017 10:30 PM EST Reads: 768
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Jan. 17, 2017 09:15 PM EST Reads: 7,575