Lynx Holdings Plc has announced its proposed acquisition of Heywood & Partners (Holdings) Ltd. The Oxford-based software, systems and services group will pay a total of ú4.5m for the Altrincham, Cheshire company, which provides computer systems, software and support primarily to the pensions administration market. Of the ú4.5m, ú2.25m is in Lynx shares and ú2.25m in cash, of which ú1.5m will be raised via a placing of 3.8m shares by Lynx. Heywood will become an independent subsidiary within Lynx, with its directors remaining in place and none of its 87 staff being laid off. Heywood’s customers primarily include local authorities and large corporations such as British Gas Plc, TSB Bank Plc and Milk Marque. For Lynx the acquisition broadens the company’s range of products and services, and Lynx’s managing director Richard Last said he expected Heywood to contribute significantly to his firm’s future development.
