Timegate acquires Ausped and gets AIM listing

12th January 2006

Timegate is acquiring Ausped via a reverse take-over of Contemporary Enterprises plc. The transaction will consolidate the earlier acquisition of Innovise Software and provide the enlarged group with greater scale and a stock market listing on AIM.*

London – 12 January 2006.
 
Timegate, a leading supplier of integrated workforce management software, is acquiring Ausped software, a leading provider of paperless auditing, porter scheduling and patient transport software.* TimeGate is carrying out a £3.9m reverse take-over of Contemporary Enterprises plc to bring together TimeGate, Innovise and Ausped into a single company listed upon AIM.

The highly complementary businesses will create a leading provider of monitoring and management software solutions to the services sector with leadership positions in manned guarding security, facilities management and hospital portering.

Contemporary Enterprises plc Non-executive Chairman Henry Edwards said:
"This is an exciting move for the Company as it takes us into new market areas and reinforces our position as a leading provider of monitoring and management software solutions to the services sector. There are a number of growth opportunities within the Enlarged Group’s core market areas of healthcare, transport and manned guarding, as well as exciting prospects within new market areas. We expect to exploit the enlarged client base by cross-selling products and to share our technological expertise ensuring that our products remain at the forefront of the industry. Moreover, the combination will enable us to achieve scale synergies during the first year of operation. With our innovative, highly experienced and complementary team, we believe that the Enlarged Group has an exciting future."

TimeGate CEO and proposed group CEO Mike Taylor said:
"Over the past few months we have mapped out a clear plan to bring our portfolio of solutions together over the next 6 to 12 months. Clients can look forward to the benefits of a broader and fully integrated product set to meet the needs that exist in service led businesses. We will bring these products to market during 2006 and work closely with customers through our strategic development group forums to ensure that our products continue to deliver the high return on investment for which we are known. We will be hosting our 2006 Innovation Days on February 8th, 9th,15th and 22nd , and we look forward to revealing more of our plans at that time".

*The transaction is subject to shareholder approval at an EGM on 6 February 2006. The Directors of Contemporary Enterprises have given irrevocable undertakings to vote in favour of the reverse take-over in respect of their 49% beneficial shareholdings.