Towards a more cohesive business

Di-ve

David Walsh, the Chief Executive Officer of KPMG Crimsonwing plc, told di-ve.com that the benefits that will be reaped as a result of the recent acquisition of the entire shareholding in Promentum Holding BV and the increase in share capital of the company will be those inherent in the running of one cohesive business.

Promentum Holding BV is a company registered in the Netherlands. KPMG Crimsonwing plc has held a 51% controlling stake in Promentum since September 2007, at a time when the company sought to strengthen its European business and its presence in the Microsoft ERP (Dynamics) marketplace.

At the time of acquisition Promentum’s main income streams were derived from providing consultancy and technical training to other Microsoft Dynamics partners.

David Walsh said that since then, Promentum has moved into the end user market, selling Dynamics solutions directly to customers under the KPMG Crimsonwing brand.

Direct sales now forms the majority income stream, and this is also supplemented by marketing own label products based on the Microsoft Dynamics platform, such as membership solutions and media solutions.

Promentum currently has two fully owned subsidiaries, Promentum BV and Promentum Academy BV. David Walsh said that as a result of the acquisition KPMG Crimsonwing will fully realise the re-structuring of the three KPMG Crimsonwing Dutch businesses into one cohesive and integrated operating unit – KPMG Crimsonwing NL that is the Dutch KPMG Crimsonwing operation.

The acquisition of Promentum was unanimously approved by the shareholders during the annual general meeting that was held last month. The shareholders also authorised the issue of 2,940,000 ordinary shares of a nominal value of £0.10 per share as part consideration for the acquisition of 49% of the issued share capital of Promentum Holding B.V.

The directors were also authorised to allot the new shares in the proportions specified without first offering such shares to the existing shareholders in proportion to their current holdings.

The newly issued shares were admitted to the Official List with effect from November 1, 2012, and trading in these shares commenced on November 2, 2012.