|
Software Circle PLC on Friday said it has purchased Devon, England-based driving software business Total Drive Software Ltd, as it expands its portfolio of vertical market software businesses. The Manchester, England-based acquirer of market software businesses said it acquired the firm for an up to £7.5 million total consideration, which will be satisfied in cash. Total Drive Software provides an end-to-end software solution for driving instructors. An initial consideration of £3.5 million was paid on completion, said Software Circle, with a deferred consideration of £1.0 million to be paid on the first anniversary of the transaction. It added that up to £3.0 million extra is payable contingent upon financial performance related targets. In the financial year ended September 30, Total Drive Software reported revenue of £800,000, earnings before interest and taxes of £400,000 and closing net assets of £20,000. Software Circle expects the acquisition to be cash flow generative and earnings enhancing its first year. Its shares were flat at 30.00 pence around midday on Friday in London. Chief Executive Gavin Cockerill commented: ‘We are thrilled to welcome Total Drive to Software Circle. Another great addition to our portfolio of vertical market software businesses. Total Drive has built a market-leading product with a strong customer base, and we see significant potential to further accelerate its growth by leveraging our expertise in operational scalability, technology, and customer engagement.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
