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Cloud & desktop-based payroll & accounting software, offering cloud-based accounting resources to customers in the SME sector. Already boasting a strong foothold in Ireland, the software is primed to expand further into the UK & wider Commonwealth markets.
• Allows business owners to access their online accounts 24/7, via an online app which is available on IOS & Android (talks also progressing with Huawei).
• 55% conversion rate from trials, recommended by 48% of accountants.
• Strong SaaS model with a 93% retention rate.
• Has served 56k+ companies across its product range.
• Boasts a consistent 15%-20% growth rate.
• Growth plan over the next 2-3 years to achieve turnover of €7.2M & earnings of €4.2M.
• Holds relationships with a base of 1k+ accountants who regularly recommend the product to clients.
• Continuously implementing new features through in-house development.
• Recently introduced open banking, which has been approved by the FCA, & has already increased interest levels significantly.
• Fully “Making Tax Digital” compliant in the UK.
• Ideal opportunity for an acquirer with interests in SaaS models to expand its range with an established product.
• The company’s cloud-based operations could allow for scaling to meet an influx in demand.
• Opportunity for the company to expand rapidly across the UK (having already secured c.200 clients) & the rest of the Commonwealth.
• Exploit developing relationship with Microsoft to push software to more of the Microsoft SME community.
• Plans to introduce multi-currency accounting in the near future.
• Opportunity for a PE firm to support the growth of the company throughout the UK & the Commonwealth.
• Opportunity for an acquirer to enter a market which usually has high barriers to entry, due to the time & cost associated to develop a product of this nature.
• SaaS suppliers of commercial/business software packages, IT enterprise systems & related cloud-based applications such as CRM & ERP systems.
• Providers of single discipline software packages for Tax or Payroll & Pensions or Inventory/Stock Control wishing to expand their offering. Banks, insurers, large accountancy firms, wealth management & other financial institutions serving the SME market.
• Managed IT & cloud computing service providers.
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