The Business is a solutions provider in property asset management software and was founded in the early 1990s by GVA Grimley, the property consultants. GVAS has over 50 contracted customers in the public and private sectors many of which are household names.

WMS will be employing 14 staff from the Business, including Amanda Fisher, who has been with the business for three years, who will remain as its Managing Director. The Business will relocate to WMS' existing London offices at 45 Beech Street EC2.

The Business had a turnover of £1.1m for the year ended 30th April 2004 and net contribution of £200,000 for the same period. During this period the Business had a headcount of 19 people, 14 of whom will transfer to WMS, resulting in an expected total annualised ongoing cost of approximately £900,000. The net book value of assets being acquired are valued at £56,000 at completion, including cash balances in respect of deferred income of £248,000.

The Board of WMS have determined that it is appropriate to preserve the Company's cash resources to enable it to continue to take advantage of opportunities as they arise and it has therefore arranged term bank facilities of £1.4m. Following completion of the acquisition of the Business, WMS expects to have cash balances of in excess of £2.1m.

Paul Newton, CEO of WMS, commenting on this acquisition said:

"We are pleased to announce this acquisition which broadens the company's product offering in the Property Management arena and enlarges our property software user base to over 250 installations. GVAS will be run as a separate division within our group."

"The acquisition is in line with our stated strategy of growing WMS by extending our product offering and enhancing earnings growth in the future including further potential acquisitions in our core markets."