10 April, 2017
Blackburn-based software as a service business Tagtronics has acquired a London-based SAAS company in a £1m-plus buyout following advice from Forbes Solicitors.
Tagtronics founder and managing director Mike Williams said, "This is our first acquisition of this size, and is part of a business development plan that has seen the business double revenues and significantly increase profits over the last three years."
The business, which was founded in 2000, supplies business critical software for the management of domiciliary care businesses; it sells the SAAS products widely throughout the UK and internationally.
The deal is part of a strategic plan developed by Mike and non executive director Dave Roberts, who was engaged by the business three years ago to assist in the development of the business strategy and drive it forward.
Mike said, "We conceived a buy and build programme and engaged with Paul Spencer at Accrington-based Haworths Accountants, they helped us profile and target the appropriate businesses, and eventually they came across the ideal company for us to purchase."
"Dave Roberts introduced us to Chris Carter of Enterprise Ventures who part funded the cash deal, and Pauline Rigby from Forbes Solicitors completed the legal process."
"We now have a really dynamic management team in place with myself and Dave Roberts spearheading the project to exploit the synergies between the two organisations, and very quickly maximise the opportunities they present."
The Corporate and Restructuring and Employment Teams at Forbes provided advice to Tagtronics. Pauline Rigby, Partner and Head of Corporate and Restructuring said, "This was a great deal for Tagtronics and will bolster their offering and I've no doubt Mike and the team will maximise all opportunities from this acquisition."