Irish analytics software company Glantus has acquired British firm Meridian Cost Benefit (MCB) in a deal valued at up to £3.03 million (€3.61 million).
Based in St Albans in England, MCB is a provider of accounts payable recovery audits and specialist audits in telecom and utility contract compliance audits.
Glantus said the acquisition provides it with an additional 44 customers with over 60 per cent of revenue from the “lucrative” public sector. The deal brings total enterprise customers to more than 100.
Founded in 2014, Glantus provides specialist solutions to the education, retail, construction and financial services sectors.
Glantus, which raised £10 million in a flotation in London earlier this year, is led by Irish tech veteran Maurice Healy who previously led telecoms company ITG and IT services firm Calyx.
The Dublin-headquartered company has offices in London and New York and has been expanding over the past few years. Its clients include AIG, Hertz, Europcar, Barclays, and Paddy Power owner Flutter Entertainment.
Significant
Mr Healy described the deal for MCB as a “strategically significant and earnings enhancing acquisition.”
“We welcome the wealth of experience the MCB team brings to Glantus. As we continue to shift the focus to subscription revenue the acquisition of MCB along with recent acquisitions of JPD Financial and Technology Insight consolidates our position in the account payable (AP) market. This provides a greater opportunity to deploy our unique AP products driving our subscription revenue.
Under the terms of the acquisition, Glantus is acquiring MCB for £3.03 million. This is comprised of an initial consideration of £2.1 million in cash on completion, £503,000 nine months after completion and £400,000 15 months after completion.
