finnCap Capital Markets is delighted to have advised IQGeo, a specialist developer of geospatial software, on its acquisition of Comsof NV, a Belgium-based developer of automated planning and design software for fibreoptic networks, and its £3.5m fundraise. In addition to providing  a new European hub and c.100 logos to the Groups current roster, the acquisition will broaden the IQGeo product offering upstream, strengthening the Group’s ability to secure customers at an earlier stage and generate opportunities to upsell the existing product offering.

finnCap Cavendish, part of finnCap Group plc, is pleased to announce it has advised on the sale of SourceBreaker, an award-winning search and match technology for recruiters, to Bullhorn, the global leader in software for the staffing industry.

Founded in 2014 by CEO Steve Beckitt, SourceBreaker has grown rapidly to become the leading provider of AI-driven search and match technology to recruitment agencies in the UK. SourceBreaker’s intuitive solutions increase recruiters’ productivity and help identify the best talent across internal and external databases.

The SourceBreaker senior leadership team, including Steve Beckitt and Adam Dale (CRO), will continue to lead the Company post the transaction.

The deal was led by Mark Kingston, Partner and Head of Human Capital M&A at finnCap Cavendish, supported by Sam Kavanagh and Tom Holland-Hibbert.

Steve Beckitt, Founder-CEO of SourceBreaker, commented:

“We created SourceBreaker to change the way recruiters search. Now more than ever, our products can help expand the pool of talent and identify better matches between candidates and jobs. We’re incredibly excited to expand our reach by joining forces with Bullhorn, and we’re all looking forward to joining the team.

“The finnCap Cavendish team has achieved a truly outstanding result for our Shareholders. Their knowledge of our business, the sector and the buyer landscape, as well as their commitment throughout to the process, was critical to our success.”

Matt Fischer, President and COO of Bullhorn, commented:

“We’re committed to helping solve our customers’ most pressing challenges, and at the top of the list right now is finding talent in today’s tight labor market. We believe the addition of SourceBreaker’s solutions to our portfolio will help staffing firms meet this challenge head-on by increasing recruiters’ productivity and ultimately boosting their fill rates. As a successful Marketplace partner, SourceBreaker already serves hundreds of Bullhorn customers, and we look forward to bringing their solutions to even more of our customers.”

Mark Kingston, Partner & Head of Human Capital M&A at finnCap Cavendish commented:

“We are delighted to have advised Steve and his team on this significant transaction in the Human Capital sector. The deal showcases our deep sector knowledge and understanding and also demonstrates our ability to close large cross-border M&A deals against a tightening macroeconomic backdrop.”

finnCap Capital Markets is pleased to announce that we have completed a £10m secondary placing on behalf of Fonix Mobile shareholders.
 
Jonny Franklin-Adams, Co-Head of Corporate Finance said: "We were delighted to help Fonix further diversify their share register despite the underlying macro-economic climate."

• Leading UK healthcare SaaS business acquired by Canada's premier wellness platform


• Global transaction accessing large North American buyer


• Aligned strategy to improve health outcomes for global client base

finnCap Cavendish, part of finnCap Group plc, is pleased to announce it has advised on the sale of TicTrac Ltd, the UK-based SaaS provider of a global health and wellness platform, to Dialogue Health Technologies (‘Dialogue’), Canada’s premier virtual healthcare and wellness platform, for up to $56 million Canadian Dollars. The transaction is expected to close within c.30 days and is subject to customary conditions for a transaction of this nature.

TicTrac supports employers and insurance partners, engaging their employees and customers to improve overall wellness, and driving positive outcomes through meaningful insights. Its go-to-market strategy includes both a business-to-business (“B2B”) approach as well as a business-to-insurance (“B2I”) approach, working with four of the largest global insurance companies.

According to Dialogue, the acquisition of TicTrac represents a unique opportunity to accelerate the development of Dialogue’s Integrated Health PlatformTM (“IHP”) through the addition of a high margin, SaaS-based digital health and wellness offering.

The global and Canadian corporate wellness markets are significant, fragmented, and rapidly growing, valued at US$58 billion1 ($73 billion) and US$2.7 billion2 ($3.4 billion) respectively.

The deal is earnings accretive and from a preliminary analysis Dialogue predicts that annual recurring revenue synergies of $8 to 10 million by the end of 2024 could be achieved.

The two companies share similar operating cultures of challenging the status quo and are strategically aligned in their respective missions to improve health and well-being. Martin Blinder, co-founder and Chief Executive Officer of TicTrac, will continue to lead the TicTrac team, reporting to Cherif Habib, Chief Executive Officer of Dialogue.

The deal was led by Mike Dinsdale, Director at finnCap Cavendish, John Farrugia, Managing Partner, Hugh Ripley, Senior Associate, and Leigh Webb, Head of Private Equity Sponsor Coverage.

Martin Blinder, co-founder & CEO, TicTrac, commented:

“We’re excited to join Dialogue and to bring our digital well-being and market-leading health engagement together with their diagnosis and treatment capabilities.

I’d also like to thank to the finnCap Cavendish team for being an exceptional partner during this process. Mike and the team provided us with excellent advice and guidance throughout, working tirelessly to ensure the best outcome possible was delivered. As a founder, I couldn’t recommend them highly enough.”

Cherif Habib, CEO of Dialogue Health Technologies, commented:

“We’re thrilled to add TicTrac’s innovative technology, deep expertise, and proven methodology to Dialogue. This acquisition is the largest in our history and contributes directly to the ambitious growth objectives we laid out in our IPO plan a year ago. TicTrac allows us to strengthen our Integrated Health PlatformTM with a highly engaging new service, while also gaining exposure to attractive international markets with strong health and wellness potential.”

Mike Dinsdale, Director at finnCap Cavendish, commented:

“We are delighted to have worked with Martin and the TicTrac team to deliver this transformational deal for the business. TicTrac’s digital wellbeing platform and personalized content for health engagement has already demonstrated global appeal amongst its international client-base. At finnCap, we are passionate about advising entrepreneurial growth businesses, and it has been fantastic working with two companies that have such a clearly aligned strategy to improve health outcomes for its consumers globally.”

1 Verified Market Research, Global Corporate Wellness Solutions Market, 2021-2028 (January 2022).
2 Grand View Research, Canada Corporate Wellness Market Share Report, 2020-2027 (November 2020).

• Cross-border transaction transforming connected insurance solutions


• Strong strategic and cultural fit for both organisations


• Showcase of finnCap Cavendish’s ability to provide its clients a dual-service offering across private growth capital and M&A to ensure the best outcome for shareholders

finnCap Cavendish, part of finnCap Group plc, is pleased to announce it has advised on the sale of The Floow, the UK-based SaaS data analytics platform and provider of connected insurance technology for major carriers globally. The Floow has been acquired by Otonomo, the mobility intelligence company, headquartered in Israel and listed on Nasdaq, for a consideration of up to $69 million. This is the latest in a number of recent cross-border transactions which finnCap Cavendish has advised on.

Over the last decade, The Floow has grown substantially, becoming a pioneer and trusted provider of smartphone-based telematics & data analytics solutions to motor insurers globally. Its data refinery platform enables world leading insurance carriers to introduce connectivity & personalization to their motor products & policies through a more precise understanding of risk based on driving behaviour or usage, whilst always aiming to improve road safety through driver coaching and timely, accurate roadside assistance.

The highly strategic combination of the two companies will integrate The Floow’s risk pricing & data analytics expertise with Otonomo’s mobility intelligence platform and move it closer to the connected car. Along with smartphone data ingestion, this approach will create the richer, more accurate data sets we expect to be increasingly required by insurance carriers at a time when the ownership of data collection swings to OEMs and the vehicle itself.

With this transaction Otonomo joins gains a team of insurance & data analytics experts that can drive their insurance offering to new levels, and includes a level of additional growth capital that will enable The Floow to continue on its growth trajectory.

The deal was led by Anthony Platt, partner at finnCap Cavendish, Jamie Blewitt, Director, and Elliott Jeans, Senior Associate.

Aldo Monteforte, CEO of The Floow, commented:

“I could not be prouder to be joining the Otonomo team.  This is a big, bold step that brings us closer to our vision of safer and smarter mobility for all.  Our clients and partners, some of the leading insurers of the world, will have access to a significant and unique set of data products, tools and resources to help them compete and thrive in a connected new world ahead.

We really appreciated Cavendish’s excellent advice, their understanding of the business and getting the best outcome for the company by driving the process.”

Ben Volkow, CEO of Otonomo, commented:

“Together, we believe Otonomo and The Floow will create the opportunity for both OEMs and insurance companies to accelerate the utilization of their data, create new products, improve customer experiences and accelerate business transformation.”

Jamie Blewitt, DIrector at finnCap Cavendish, commented:

“The Floow has built an incredibly powerful analytics platform and suite of data products that have started to become critical to the way motor insurers look to personalize their motor policies, which is no mean feat in an industry not known for driving customer retention through innovation. They also had the foresight to pioneer smartphone-based data ingestion a decade ago, possibly ahead of its time, so it makes complete sense for them to partner with Otonomo, the pre-eminent mobility intelligence platform to stay at the cutting edge of data ingestion and analysis as the world’s vehicles become ever more connected. We’re therefore delighted to advise on this significant growth transaction for Aldo and the rest of the team that will see them really strengthen their offering to motor insurers & drivers globally.”

This deal underlines our ability to provide clients with a dual-service offering across private growth capital and M&A to ensure the best outcome for shareholders.”

finnCap Capital Markets is delighted to have advised SRT Marine Systems plc, the global leader in maritime surveillance, security, management and safety products and integrated systems, on its £5m fundraise.

finnCap Group plc, is pleased to announce it has advised on the sale of Boku’s Identity division, a wholly-owned subsidiary of Boku Inc, leading mobile payment solutions provider and one of AIM’s largest technology companies, to Twilio, a leading US-based cloud communications platform.

Boku Identity was acquired by Boku In, in 2019 as Danal Inc. Boku Identity provides mobile verification and authentication solutions driven by real-time connections to Mobile Network Operators (“MNOs”).

The divestment allows Boku to become a pure-play payments business focusing its resources on exploiting the mobile payments opportunity, particularly to continue expanding its mobile first (“M1ST”) Payments Network. The acquisition of Boku will in turn provide Twilo with an exceptional platform to its investment into the fast-growing the mobile identity and authentication sector.

The deal underlines finnCap’s continued ability to find the right growth solutions for the businesses of tomorrow by offering a breadth of services supported by strong and highly experienced teams with expertise across both private and public markets and a global network of partners to conduct cross-border transactions.

The deal was led by Anthony Platt, Partner at finnCap Cavendish, part of finnCap Group.

Jon Prideaux, CEO, Boku, commented: “This is an important milestone for our business, allowing us to focus on developing our mobile payments solutions. We believe Boku Identity will be able to continue to develop under Twilio’s ownership and we wish the business and its staff well for the future. We were impressed with the resilience and creativity of the team at finnCap Cavendish and are grateful to them for advising on the deal.”

Anthony Platt commented: “We are delighted to have advised on this landmark transaction between one of AIM’s largest technology companies and a significant player in the US mobile solutions market, further cementing finnCap’s expertise in the space. Mobile verification and authentication solutions are fast-growing and highly active markets, where we expect to see continued opportunities in the future. With strong revenue growth in Boku’s Identity division underpinned by recent client wins, we expect this acquisition to be a great success for both companies”.

finnCap Cavendish, part of financial advisory firm, finnCap Group plc, is pleased to announce it has advised on the sale of Mail Manager Limited (MailManager), a leading email management software provider to Ideagen plc, a leader in compliance software for regulated industries, for a cash consideration of £26.4 million plus a deferred conditional earnout payment of up to £2.75 million.

MailManager allows project-based businesses to manage their emails quickly and easily, whilst improving staff productivity and managing compliance risk. Initially developed by world class engineers at Arup, the proprietary SaaS platform delivers a best-in-class solution that supports project management, compliance, regulatory obligations and governance.

MailManager’s clients span a broad range of mid-market to enterprise accounts, and has a particularly strong footprint in the architecture, engineering and construction sector, where Ideagen sees compelling cross-sell opportunities.

Following the transaction, MailManager, comprising a team of 65 people in the UK, will be integrated in to the Ideagen group to grow the combined business.  Stuart Rowe, the CEO, and the MailManager management team, will remain in the business.  The combined business will enable revenue synergies in a fast-growing sector, supported by positive market dynamics such as email reliance, remote working and increased online collaboration.

The deal was led by Anthony Platt, Partner at finnCap Cavendish, and Associate, Paris McNicol-Outch.

Anthony commented:

“We are delighted to have advised Stuart and Arup on the sale of MailManager. The MailManager software platform has seen exceptional revenue growth, benefits from high levels of recurring revenues and operates at the intersection of compliance and collaboration which is an attractive area for strategic buyers and investors. We are pleased to have found a fantastic buyer in Ideagen in terms of strategic fit.”

We are pleased to have advised longstanding client Universe Group, which provides petrol forecourt/retail payments, loyalty and enterprise management software, on its takeover by PDI Software, an acquisitive US-based and private equity-backed software group at a valuation that was over twice its prevailing unaffected market price.

finnCap Debt Advisory secures £100m facility for iomart

New £100m four bank club replaces legacy £80m bilateral facility

finnCap Debt Advisory is delighted to support iomart Group plc (AIM:IOM) on its debt refinancing with a new £100m revolving credit facility (RCF). The RCF is provided by a new four bank group consisting of HSBC UK, Royal Bank of Scotland, Bank of Ireland and Clydesdale Bank and replaces the Group’s existing £80m bilateral facility provided by Lloyds Banking Group.

iomart Group plc is a cloud computing and IT managed services business providing hybrid cloud infrastructure, network connectivity, security, and digital workplace capability. Its products enable customers to connect, secure and scale anywhere, anytime, with a 400-strong team that can design and deploy the right cloud solution for its customers.

The RCF has an initial maturity date of 30 June 2025, with a 12-month extension option, and benefits from a £50m accordion facility in addition to the £100m committed facility.  The RCF and the accordion facility (if exercised) provide the Group with additional liquidity to be used for working capital purposes and to fund investments, in accordance with the Group's 5-year strategic plan.

Scott Cunningham, CFO, iomart Group plc, commented: “Given the financial strength of iomart, lender appetite levels in participating in the debt facility were high.  However, this was the first time that a bank club was established and our incumbent lender was potentially being replaced. Therefore, we needed support in ensuring we ran a diligent and professional process and this is exactly what the finnCap Debt Advisory team delivered.   I was delighted with the outcome in terms of the new lenders and banking arrangements, which underpins our growth plans for the business.” 

Alistair Hay, Head of Debt Advisory, finnCap Group, commented: “We are delighted to have successfully completed the refinancing of iomart.  Whilst larger than the previous facility, the new RCF also provides the Group with materially enhanced operational flexibility and – given the introduction of four new lenders – significant firepower to provide further lending commitments.  The Group has a clear strategic vision and the enlarged debt facility is a key contributor to its future growth.” 

finnCap Capital Markets is delighted to have advised Ideagen Plc on its oversubscribed £103.5m Placing.

Ideagen is a leader in the +$30 billion regulatory and compliance software market, serving more than 7,500 highly regulated customers across industries such as life sciences, healthcare, banking and finance and insurance. Ideagen has over 1000 employees located throughout the UK, US, Australia, Europe, Middle East and South-East Asia.

At its recent Capital Markets Day held at finnCap’s offices, Ideagen set out its plan to capture this market opportunity and reach £200m annual recurring revenues by April 2025 through a combination of organic and acquisitive growth.

The proceeds of this fundraising will support a healthy pipeline of acquisitions to add adjacent capabilities and broaden geographic reach. The company has a strong record of identifying and integrating acquisitions that fit with its strategy, having completed 25 acquisitions to date, of which eight have been in the past 12 months.

finnCap acted as NOMAD and Joint Broker.

Alice Lane, Equity Capital Markets Director, finnCap Capital Markets, commented: “We are pleased to have again been able to support Ideagen and look forward to seeing these funds deployed to further the company’s exciting growth ambitions. We have worked with Ideagen for a number of years and are very proud of their achievements, and that we played our small part with our equity capital markets, financial advisory and debt expertise.”

finnCap Capital Markets Plc Strategic Advisory is pleased to have advised Telit Communications PLC on its £305m takeover and acquisition by DBAY Advisors.