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Software company considers possible bidders

Proactis

Global software firm, Proactis Holdings PLC has confirmed that it is considering a number of potential bidders.

The Yorkshire company, which specialises in spend management and ecommerce made the announcement following an “unsolicited” approach from a US investor and a number of expressions of interest this summer.

The statement was made as part of its Annual Results announcement, which showed that revenues increased 4% to £54.1m, while adjusted EBITDA was down to £15.1m (2018: £17.3m), “in line with expectations.”

It said that its loss before tax was £25.8m, compared to a profit before tax of £3.8m last year.

Of the formal sales process, it said that the board had “thoroughly reviewed and assessed the credibility of a number of expressions of interest (“EOIs”) following the Company’s announcement of the FSP on 29 July 2019.

“Certain EOIs have led to more advanced discussions including the provision of certain detailed financial information with regard to the business in a dataroom. The process remains ongoing. The Board reiterates that there can be no certainty that any offer will be forthcoming or the terms of any such offer.”

Tim Sykes, CEO said of today’s results:

“The Group has been profitable and cash generative in the period under review, and the long-term prospects are exciting. With a strong ARR giving high levels of visibility, and a proven, highly relevant end-to-end offering, we begin the new financial year in line with management’s expectations and with optimism for the Group’s potential.”

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