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Software Circle acquires ARC Technology
(Sharecast News) - Software investor Software Circle revealed on Wednesday that it had acquired ARC Technology, a provider of software solutions for the management of practice-based learning to higher education institutions across both the UK and Ireland. Software Circle said the total consideration of up to £2.0m will be satisfied in cash and was structured on a debt-free/cash-free basis. The initial consideration paid at completion was £1.1m, with a deferred consideration of £300,000 to be paid on the first anniversary of completion, and a further £600,000 payable contingent upon the achievement of certain targets relating to ARC's future financial performance.
The AIM-listed group noted that the acquisition was expected to be cash-flow generative and earnings-enhancing in the first year after the acquisition.
Chief executive Gavin Cockerill said: "We're delighted to announce our first acquisition since raising additional funds in September 2023 to further our aim of becoming a serial acquirer of Vertical Market software businesses.
"ARC meets our acquisition criteria extremely well and adds to Software Circle's growing family of niche vertical market SaaS companies that generate revenues of a recurring nature. We welcome Nader and his team to the Group and look forward to working with them to drive further growth in the years ahead."
As of 0945 GMT, Software Circle shares were up 6.67% at 16.0p.
Reporting by Iain Gilbert at Sharecast.com
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