This multi-tenanted B2B SaaS cloud workforce management platform has been developed to contain very deep functionality to meet the needs of mid-sized organisations (500-5,000 employees typically) with higher levels of compliance duties. With capabilities to engage, attract, on-board and complete automated pre-employment workforce checks, whilst delivering advanced analytics, the platform has established a loyal base of 90+ blue-chip clients mainly in highly-regulated sectors such as care, higher education and local authorities. The solution is sold both directly and in conjunction with business partners mainly in the UK although it has been deployed overseas too as it is multi-lingual. The business has run rate revenues of c. £1.45mn (90% recurring subscriptions on 1-7 year contracts), is profitable with scope to grow. A newly developed bolt-on application which automates and digitally transforms a highly labour-intensive compliance process is expected to extend the existing customers' usage whilst providing a unique new business winning capability. The average annual subscription is c. £12,500 and there aren't any customer concentration issues with the largest account being only 3% of total revenues. There is a strong technical team within the 15 person staff.
|Turnover (£'000)||Adjusted EBITDA (£'000)|
1. The adjusted EBITDA includes dividends to provide a normalised figure
2. 2020 revenues were impacted by Covid as consulting staff could not deliver services and the company avoided furloughing and invested in building more software for the future
3. FY2021 forecast growth is largely underpinned by recently secured high-profile customer wins and a solid pipeline plus a technology change which substantially reduces cost of sale
4. The business is cash-rich with c. £900k of surplus cash
The owner-management have sensible valuation expectations as they plan to retire and want to find a good home which will want to help the business fulfil its potential. A handover process (if required) of up to 6 months would be an option.
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