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AdvancedAdvT has announced its acquisition of Hertfordshire-based HXF, a provider of a SaaS workforce management solution.
AdvancedAdvT will pay £5.3m (net of cash acquired of £600k), of which £2m is deferred over two years. It will be funded from existing cash resources.
HFX is relatively small player, with revenue of £3.39m and a pre-exceptional EBITDA of just under £1m. However, it’s a really nice addition for AdvancedAdvT and serves a few purposes. It doubles the size of the firm’s business in workplace management from a revenue perspective, but crucially adds the SaaS capability, which is particularly suitable for smaller firms.
AdvancedAdvT serves both Public and Private sectors, with its Human Capital Management offering historically focused on the latter. Bringing HFX onboard also opens-up some of Public Sector for AdvancedAdvT.
More broadly, the acquisition underpins AdvancedAdvT’s strategy to build long-term growth through recurring SaaS revenues. The company continues to make strides forward, with H1 results illustrating the positive progress. Furthermore, a trading update from February highlighted that profits are expected to be “materially above the current market expectations” for the year. Full year results are out in July.
Posted by: Kate Hanaghan at 10:00
Tags:
acquisition