Wednesday 19 February 2020

*UKHotViewsExtra* Allocate Software reports on first year under joint Vista/Hg ownership

Allocate Software logoWorkforce and resource planning specialist Allocate Software has published its results for the year ended 31 May 2019. They reveal a proforma recurring revenue growth rate of 12% to £54.9m, driven by acceleration in SaaS sales, and a significant improvement in EBITDA, which grew 19% to £22.5m following operational improvements.

It has been a pivotal period in the history of the business. Hg sold Allocate to Vista Equity Partners in April 2018 (see Vista invests in Allocate Software) but subsequently took up an offer from Vista to acquire a co-controlling stake in the business. Nick Wilson became CEO in August 2018 (see Allocate appoints Advanced’s Nick Wilson as new CEO) and it acquired Wambiz and 247 Time later that year (see Allocate Software acquires 247 Time). Just before the financial year end it appointed a new MD for its defence and maritime business, Dynama (see New MD for Dynama).

The FY19 accounts represent the start of the new look Allocate under Vista and Hg co-ownership. When we met CEO Nick Wilson recently, he told us there were three key pillars to the strategy for the business going forwards: 1) extending its Human Capital Management (HCM) stack with a broader focus around healthcare people management (see Allocate expands portfolio with Enterprise Study acquisition); 2) driving scale in key geographies—as well as the UK, this will include a focus on Sweden, Denmark, Germany, Australia, and the US; and 3) a likely diversification into closely adjacent vertical markets.  

UKHotViewsPremium logoAllocate Software remains well positioned to support health and care providers around the globe as they battle staffing challenges and look to improve efficiency with digital solutions.

UKHotViews Premium and research subscribers can read more about Allocate Software’s first year under joint Vista/Hg ownership here.

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Posted by Dale Peters at '09:19' - Tagged: nhs   saas   software   healthcare   hcm