Last checked at 9 Nov 2023 07:00
9 November 2023
TruFin plc
("TruFin" or the "Company")
Oxygen Finance acquisition of bidstats.uk
Oxygen Finance ("Oxygen") acquires bidstats.uk, the UK's No 1 portal for public sector tender information, extending its market leading position
TruFin is pleased to announce that its subsidiary Oxygen, the leading early payments programme provider headquartered in Birmingham, has today entered into a binding agreement to acquire bidstats.uk and all associated assets.
bidstats.uk offers users a suite of tools bundled into easily accessible freemium and subscription services that help businesses win public sector work. The site has more than 50,000 users of its free subscription services and around 500 paying subscribers.
bidstats.uk and related assets will be purchased for a total cash consideration of £0.5m (including a £0.1m earn out) from Axiom P1 Ltd. Prior to Axiom's ownership, the site and its assets were owned by VC-backed start-up Opportuni AI Ltd.
The acquisition complements Oxygen's existing Insights Services data products, providing valuable cross-selling opportunities. Additionally, the deal positions Oxygen to extend its award-winning services to thousands of small and medium sized businesses alongside its existing private sector clients and local government buyers.
The purchase will be funded from Oxygen's cash balances and is expected to be earnings accretive, on an ongoing basis, from year one.
Ben Jackson, Chief Executive Officer, Oxygen Finance, commented:
"We are delighted to complete this bolt-on acquisition for Oxygen. bidstats.uk will level the playing field, ensuring potential suppliers, big and small, have complete visibility of public sector work. Local authorities will secure best value for their communities through transparent and efficient trading processes for buyers and suppliers alike".
About Oxygen Finance
Financial Technology Delivering Social Value. Oxygen Finance helps businesses thrive and public sector organisations deliver economic and social benefit to our world. Through progressive payment practices, big data and expertise, Oxygen allows public sector and private organisations to trade more effectively. Payments become frictionless, data becomes information - driving growth and efficiency and resulting in better social and economic outcomes.
https://www.oxygen-finance.com/
For further information, please contact:
TruFin plc James van den Bergh, Chief Executive OfficerKam Bansil, Investor Relations | 0203 7431340 07779 229508 |
Liberum Capital Limited (Nominated Adviser and Corporate broker) Chris Clarke Edward Thomas | 0203 100 2000 |
TruFin plc is the holding company of an operating group comprising three growth-focused technology businesses operating in niche markets: early payment provision, invoice finance and mobile games publishing. The Company was admitted to AIM in February 2018 and trades under the ticker symbol: TRU. More information is available on the Company website: www.TruFin.com.