Updated 24/7/2008
In September 2005 I wrote this:
"Epic plc to be taken over by the Huveaux plc. Epic plc is a major and successful UK e-learning company. I've occasionally reviewed Epic's often useful e-learning White Papers in Fortnightly Mailing, and some readers may have read an online interview with me which appeared in Epic's July Newsletter. Over the past few months Epic has had a friendly "suitor". At the end of July the boards of Huveaux and Epic announced the terms of a recommended share and cash offer [68 kB PDF - link now dead] for Huveaux, to acquire Epic, with approval to be sought for the deal from Huveaux's shareholders at an Extraordinary General Meeting, on 7 September. (Huveaux was formed in 2001 with the objective of "building a substantial publishing and media business focused on the creation and delivery of "must have" information across both the public and private sectors".) On 12 August, Futuremedia plc, another UK-based e-learning company, just round the corner in Brighton from Epic, also announced its interest in buying Epic, but by 18 August, Huveaux had gained control of Epic, rendering Futuremedia's interest irrelevant. Donald Clark, Epic's Chief Executive, will stand down from this role, and become a consultant to Huveaux."
I believe Huveaux paid over £20m for Epic. The offer valued the entire issued share capital of Epic at approximately £22.7 million.
33 months years later Huveaux has now sold Epic to successful entrepreneur Andrew Brode, for less than it originally paid (~£5m? ... which would imply an average loss of value since the original sale of over £1m per quarter). Jonathan Satchell, brought in by Huveaux in December 2007 to find a buyer, will continue as Epic's CEO. My guess is that away from Huveaux's largely print-based stable, Epic will thrive once more. Update - 24/7/2008. This 24/7/2008 post by Epic's founder, Donald Clark, has more.
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