Maurice Healy, CEO at Glantus Holdings is delighted with the progress which fintech Glantus Holdings (GLAN) have made since their IPO earlier this year.
Glantus are a global supplier of automated accounts payable systems and have acquired two companies since IPO, and entered into a significant partnership with a third.
St Albans based Meridian Cost Benefit has just been acquired for around 3 million pounds. "MCB has historic revenues of £1.5 million and ebitda of around £400,000 before we start putting our synergies into the business" explained Maurice. "It will be about 5 times ebitda before we get into cost synergies and revenue synergies."
"It has 44 customers in our space with accounts payable needs, but it also has a lot of Government and 'semi-state' organisations that we haven't got at the moment. It's a big opportunity for us to get into that market, and with that referenceability we can replicate the offer across our entire group."
"Importantly it also brings us people, new sales people in EMEA that we need and knowledge that we need, so all in all a really good acquisition and a positive one, albeit a small enough one." said Maurice.
"We paid US$9M for TIC in Boston, at the time that was around 9 times ebitda, 2.25 times revenue, and with our synergies which we've been putting through we would be down to 5 or 6 times ebitda I'd guess."
