Fri, 31 May 2024 | BUSINESS SALE
A company that provides marketing compliance and digital asset management workflow systems for businesses providing financial services has been acquired in a deal valued at £3.5 million.
Manchester-based Software Circle has acquired Be The Brand for an initial consideration of £2.8 million, which was paid upon completion, with a deferred consideration of £700,000 to be paid upon the first anniversary of the deal.
Be The Brand’s SaaS offering is used by clients providing regulated UK financial services as a workflow and digital asset management system, helping them to maintain compliance and audit trails when marketing their financial services.
The firm has been operating for more than two decades and approximately 90 per cent of its revenues now arise from annual recurring fees from clients.
Following the acquisition, Be The Brand’s Managing Director Adam Hainsworth, who is also a shareholder in the business, will remain with the firm for 12 months in order to oversee the transition.
The two remaining shareholders, Guy Hainsworth and Jes Ongley, have each entered into new employment contracts and will continue to lead Be The Brand’s team of 13 staff.
Software Circle Chief Executive Gavin Cockerill commented: "The acquisition of Be The Brand is the second in our professional services vertical, focussed within the finance sector. It meets our acquisition criteria very well and we're delighted to welcome the team to the group."
Be The Brand’s Adam Hainsworth added: "Having developed and grown the business over 20 years alongside Guy and Jes, it was crucial to find the right owners once I had decided to step back.”
"We spoke with Software Circle over an extended period, getting to know their culture and modus operandi. We're confident we've found the right home for Guy, Jes and the rest of the team to thrive in and continue to develop our best in class solution for our clients."
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