6PM’s 255 shareholders will have to decide in the coming weeks whether to approve the start of a possible share buying process, which founder Ivan Bartolo said made him “both proud and sad”.
The company announced last week that interest had been shown in the acquisition of shareholding. It will convene an extraordinary general meeting on April 28 at which the shareholders will need to approve the release of price-sensitive information so that the procedure can go ahead.
In accordance with listing rules, no information has been released about either who the interested party is or what the offer may be.
Mr Bartolo said that the approach had come out of the blue – but that it was something he had anticipated, deep down.
“We are a very prominent IT player in the UK health market which used to be viewed as a niche sector but is now one that is increasingly attractive to big players, some – but not all – of which are IT companies. The health sector is a very exciting one, which is why global companies like Amazon and Google are also looking for a foothold, so it is only natural that a successful and profitable company like 6PM would be a target,” he said.
“The best analogy would be to compare it to having a teenage daughter who is all dressed up and ready to go out. What can you gain by locking her up in the bedroom? You watch them grow knowing that the time will come when they need to spread their own wings. And when they catch a suitor’s eye, your job is to ensure that he is suitable. And that is what we intend to do, as we would want someone with the same cost and revenue synergies, the same outlook with regards to our people and talent, and the same appreciation for our roots in Malta.”
6PM has been expanding internationally but is now at a critical junction: there are other markets that could be tapped, from the US to Asia, which would require a quantum leap in both financing and in clout.
“It would be a shame not to let the company grow when you have a product with global replicability. And allow me to say in all humility that the products we make change people’s lives. I feel that we have an obligation to get them to as many people as possible around the world.
“We decided to list the company because we wanted to show the world that we were growing and that we could be taken seriously. Yes, we have expansion options like bonds, rights issues or venture capital – but having a strategic owner is also important for a product-based company,” he said.
“As soon as the company announcement was out, I spoke to all the employees and was given a round of applause. They see this as a vote of confidence for all that we have achieved, and as a way to take the next step in our evolution.”
6PM’s history
Mr Bartolo founded the company in 1996 and it now employs over 170 employees.
6PM Ltd was registered in 2001 and five years later 6PM Management Consultancy (UK) Ltd was set up in the UK by Alan West Robinson and Steve Wightman. The two companies were brought together under 6PM Holdings in 2007. During 2015, the 6PM Group acquired Blithe Computer Systems.
Today, the 6PM Group is made up of 6PM Ltd, 6PM UK, 6PM Macedonia, emCare 360 Ltd and owns 70 per cent in 6PM Ireland, as well as strategic investments: 22.5 per cent in Javali LLC (US) and 45 per cent in Javali Europe.