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Looks like Meridian has been around for +15 yrs - with revenue of £1.4m and £366k PTP. I would say it has probably been a tough ride. They seem to be an audit firm where there is a lot of manual work - limiting the scale for Glantus but I am sure they have existing clients they can sell these audits to. Bobbyaxelrod mentioned the competition I thought was quite interesting. All the companies mentioned are part of the new wave of digital transformation which make old manual processes in the AP function far more efficient and less prone to error. It seems Meridian's business model is based on finding these errors for their clients. I expect the market is getting tougher as businesses digitalize their operations. But it looks a nice little niche add on.
Excellent news RNS today ... I'm pleased to be a holder of GLAN.
https://www.londonstockexchange.com/news-article/GLAN/acquisition-of-meridian-cost-benefit-limited/15223373
Highlights
- Strategically significant and earnings enhancing acquisition.
- Total consideration of up to £3.03m.
UK-based MCB will provide Glantus with an additional forty four customers with over 60% of revenue from public sector. This will bring Glantus’ enterprise customers to over 100.
- MCB brings 20 years of expertise and experience in Accounts Payable recovery and specialist utility auditing services, bolstering Glantus’ strong growth in the space.
- Addition of MCB team represents an expansion of Glantus’ EMEA presence, adding more auditing and sales capabilities.
- MCB customers will be able to access more transformative AP tools through the integrated Glantus platform, such as procurement to payment, statement reconciliation, and data optimisation.
- Maurice Healy, CEO of Glantus, said: “We are delighted to have the MCB team join Glantus. This acquisition further strengthens the strategy we outlined at the time of the IPO. We welcome the wealth of experience the MCB team brings to Glantus EMEA. As we continue to shift the focus to subscription revenue the acquisition of MCB along with recent acquisitions of JPD and TIC consolidates our position in the AP market. This provides a greater opportunity to deploy our unique AP products driving our subscription revenue.
- Peter Welch, Founder and CEO of Meridian Cost Benefit, said: “We recognize that customers are increasingly looking at automation and AI to drive further efficiencies in their financial processes. With Glantus, we now have the advanced technology platform and the team behind us to deliver additional services to our customers.”
How does the offering of Glantus differ from what other companies like Coupa (or Tradeshift, Ariba, Tipali, Ivalua) offer? One of Coupa's 3 main areas is accounts payable (along with procurement and expense management)
https://www.londonstockexchange.com/news-article/GLAN/notice-of-investor-presentation/15152927
I was impressed by the last one, and bought in av 90p for me, another one next week, will watch, personally one to hold and accumulate, given the current logistics and world trade issues.
https://www.londonstockexchange.com/news-article/GLAN/maiden-interim-results/15152739
https://www.londonstockexchange.com/news-article/GLAN/notice-of-investor-presentation/15152927
Maurice Healy, CEO, commented:
"2021 has been a very exciting period for Glantus with admission to AIM in May followed by the acquisition of Technology Insight Corporation in July.
Glantus operates in an expanding AP market. Having developed a unique range of products and services, with a proven need, we are uniquely positioned to become the dominant player. The combination of our organic growth strategies and strategic acquisitions heralds a strong future for our Company"
About time!! Promising
Finally some buying coming through. Possibly any overhang was cleared 2 days ago?
Results are 30th Sept, maybe news coming or weekend tip. Who knows but when this moves it will move fast.
Let's hope this buying pressure continues and we can get above £1 again.
Yes, it seems they have no intention to deal with debt anytime soon (and their existing debt is at quite a high interest rate). That said, I like the company and can see the growth story/ambition. The management are incentivised towards a revenue target in the short-term, which ultimately should be positive for the rest of the business. Their plan of becoming a major consolidator in a fragmented market makes sense and I would consider adding more to my position if I had more new information on business performance/financials. Their plan of reaching scale as soon as possible makes sense. I still think there is a chance of an additional US listing, given that in every interview they speak about how important the US is and how listing in the UK has helped their brand awareness and credibility.
What a useless interview. Just fluff. Hardly worth waking him up for this.
On the face of it Glantus looks like it could be a fantastic investment but the debt is worrying. If things go as planned then it wont matter as strong cashflow will pay this off. On the flip side if it goes ear shaped then theyll have to raise in the market with the knock on effect to the share price.
For an IPO that was supposedly twice over subscribed they would appear to have some of the flakiest shareholders Ive seen for a while. Theres a big seller in the background by the looks of things
I was disappointed they havent converted debt to usual bank debt as they said they would, instead borrowing another €5.0m from BPC which is very expensive. Maybe will convert the whole lot into bank debt eventually but there's extremely expensive early repayment charges with this, so looks slightly desperate.
Will likely know when results come out if its going to be a success. Only people who really know are management, so trust is key. They have a large shareholding and certainly talk the talk.
Apologies, forward 2022 P/E of 14. (Not '23)
There's a brief updated note from Arden here- https://research.arden-partners.com/portal/portal.html#
They've upgraded EPS to 3.5¢ and 7.1¢ for 2021/2023 which would give a forward '23 P/E of 14
https://www.londonstockexchange.com/news-article/GLAN/acquisition-of-technology-insight-corporation/15061440
Maurice Healy, CEO of Glantus, said: “We’re delighted to be joined by the TIC team on this journey – this is the first acquisition of many that we will undertake following our successful IPO. Our goal is to become a leader in AP technology through a mix of strong organic growth and acquisition, and the addition of TIC is another key step in that exciting process.
The acquisition of TIC will provide presales, implementation, and technical support resources to the entire US team, and will make the provision of our services across the board more effective and more efficient in the US. In addition, the acquisition provides us with additional management resources, sales resources, and a greater geographic spread of customers in the US. And while there are also opportunities to reduce costs in the integrated business, it is the addition of these important resources that makes the acquisition of TIC even more compelling.
The integration of the Technology Insights (TIC) brand with that of JPD (last year’s US acquisition) under the Glantus brand, sends a clear message to the market that Glantus is a major player in the Accounts Payable space and in the consolidation of the US market.”
Karl Anderson, Founder and CEO of TIC, said: “We recognize that customers are increasingly looking at automation and AI to drive further efficiencies in their financial processes. With Glantus, we now have the advanced technology platform and the team behind us to deliver additional services to our customers.”
Should you wish to receive public information on Glatus directly please send an email to register to :
glantus@flagstaffcomms.com
Thanks
We were delighted to be joined live from the States by Maurice Healy, CEO at Glantis Holdings. Here is the link to his video presentation: https://youtu.be/zZKBENm7vYY
Very impressed by Maurice Healy's presentation last night, an interesting niche player at apx 8m now target 50m over the next 3 years by aquisition and progress, so the 10K this mornig was me, given an IPO of 100 v 91 well worth it and I will watch howver its a longer term play. GLA Worth a look at.
Dear all, please register for tomorrow evening's evening's presentation to hear Maurice Healy present his investment case. https://us02web.zoom.us/webinar/register/4616057084894/WN_mVWEFSo4SYyKQKUgSf88XA.
To ask questions, send them to me, donald.leggatt@lse.co.uk giving your real name and email address. Looking forward to seeing you there.
Great company and board come across as very competent and assured. Although part of the IPO was for increased awareness and credibility, given that it was a small raise, I wonder if there is an intention to list in the US (the importance of America has been alluded to quite heavily in interviews).
https://www.londonstockexchange.com/news-article/GLAN/notification-of-investor-presentation/15040689