Richard Stuart-Turner
Wednesday, January 18, 2023
Grafenia has taken another step away from print after acquiring Care Management Systems (CMS), a provider of care home management software and systems, on a debt free/cash free basis.
The total consideration of £3.5m for the Bristol-based business will be satisfied in cash. The acquisition, which was announced today (18 January), is expected to be cash flow generative and earnings enhancing in the first year after the acquisition.
The initial consideration comprises cash of £2.975m to be paid on completion, together with deferred consideration of £525,000 to be paid on the first anniversary.
CMS’ care home management software, CareDocs, was initially developed by brothers Jonathan and Kristopher Ann in 2004 as an in-house platform for use in a care home owned by family members.
After realising the commercial potential for CareDocs, CMS was founded in 2008 and now licenses its products and services to over 800 hundred care homes around the UK. Approximately 95% of CMS’ revenues arise from annual recurring fees.
CMS has an established management team and currently employs 27 staff. Jonathan and Kristopher Ann resigned on completion of the transaction, with Jonathan remaining on a part-time consultancy basis for three months to oversee the handover and completion of certain projects.
The unaudited financial statements for CMS for the year ended 28 February 2022 reported revenue of £2.45m, EBIT of £120,000 and closing net assets of £1.3m.
Grafenia said CMS met its acquisition criteria by being a software business and having a prominent position in its vertical market.
Gavin Cockerill, acting CEO of Grafenia, said: “The acquisition of CMS is our third this financial year. It marks another step forwards in our transformation plan. Becoming a serial acquirer of vertical market software businesses. We’re thrilled to add CMS and welcome its team to Grafenia’s growing portfolio.”
Jonathan Ann added: “When Kristopher and I set about developing the CareDocs solution we didn’t envisage growing a company that would establish itself as a leading supplier to care homes in the UK. We’re delighted to hand over the reins to the CMS management team and look forward to seeing the business develop under Grafenia’s ownership.”
Grafenia acquired document management software firm Watermark Technologies in December. It also issued an additional £3.2m of new bonds to support its acquisition strategy last month.
Grafenia’s share price was up by nearly 9% in early trading today to 7.75p, a 52-week high.
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TORONTO, July 18, 2022 /CNW/ – Today, the newly formed company, Unison Software Inc., announces its intention to assist the financial services industries in Canada by improving businesses’ connectivity, user workflows, and developing new systems to meet identified business needs.
Unison Software has acquired industry leading technologies to support mortgage broker and brokerage operations and is delighted to be supporting TMG The Mortgage Group, a national, full-service mortgage brokerage company in Canada, who are in turn supporting a network of professional, independent mortgage agents and brokers.
Unison will be led by President and CEO, Paul Taylor. Prior to joining Unison, Taylor was President and CEO of Mortgage Professionals Canada, a national mortgage industry association, and prior to that was Vice President of Brovada Technologies, a company that championed improved efficiency, delivering insurance broker to insurer connectivity and real-time workflows.
“TMG’s Hurricane platform already provides incredible workflow efficiency and secure document management for the brokers in its network,” said Taylor. “Unison Software will enhance these systems further, to include lender connectivity and pre-submission underwriting, significantly improving the broker customers’ experience and systems ease-of-use. I’m very excited to return to the technology space and expand the capabilities of Unison’s existing products, with a long term goal of providing solutions to all financial industry verticals.”
“We’re delighted to partner with Unison Software to provide the focus, capacity and technical expertise to deliver next generation functionality to our systems and users,” said Mark Kerzner, President and CEO of TMG The Mortgage Group. “TMG staff and brokers can rest assured that, collectively, we are dedicated to continuing to provide industry leading support, data and workflow products to improve the efficiencies and productivity of our brokers while improving the overall broker experience for Canadian consumers.”
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For further information: email [email protected] or call Unison Software at 905-334-1154
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Physical presence taps into the region’s rich talent and strong growth
TORONTO–(BUSINESS WIRE)–Nitro Software, a global leader in eSignatures and PDF document productivity SaaS solutions for business, announced today a significant milestone in its ongoing expansion in North America, with the opening of its first physical office in Toronto, Canada.
The move reflects Nitro’s commitment to the Canadian market, which is rich in both talent and growth opportunities, and an onsite presence will support the company’s large roster of Canadian customers while attracting new business. Nitro has been active in the Canadian market for more than a decade, with major customers including Canadian Tire and World Vision Canada.
The launch of the Toronto office comes at a critical time for the company as it continues to expand its global workforce. Founded in Australia in 2005, the Nitro team is now 350+ strong across four continents serving more than 13,000 business customers with its powerful SaaS offering. Nitro was also recently recognized as a top three leader in the global eSignature market1.
The new location at 170 University Avenue in Toronto’s Financial District offers an 8,350 square-foot office and will host approximately 20% of Nitro’s global hybrid employees that are based in Canada, with additional space for forthcoming new hires.
Nitro’s Chief Executive Officer, Sam Chandler, said: “The opening of our Toronto office is a clear demonstration of our growing commitment to the Canadian market – both to serving our existing customers and to attracting new business. We are excited to be a part of the Toronto region’s vibrant entrepreneurial culture, with its deep bench of tech talent and commitment to technology research and innovation.”
“Our government is thrilled that Nitro has chosen to expand into Ontario for its Canadian headquarters, and we want to congratulate them on this milestone,” said Vic Fedeli, Ontario Minister of Economic Development, Job Creation and Trade. “Ontario’s deep talent pool, strong postsecondary institutions, vibrant innovation and tech ecosystem and competitive business costs make our province an ideal place for investment. Nitro is a welcome addition to our rich tech sector, creating high-quality jobs for our talented residents, and contributing significant economic benefits to the Toronto Region.”
“I’m pleased to welcome Nitro to Toronto, joining our world-class technology sector, demonstrating a commitment to growth in the region, and making a large investment in our diverse and skilled talent pipeline,” said Toronto Mayor John Tory. “Nitro’s mission to digitally transform businesses is a welcome addition to our innovative business community, and I look forward to watching the company grow and thrive in Toronto.”
Nitro worked closely with Toronto Global to expand into the Toronto Region.
To celebrate the opening of the new office, Nitro’s leadership team will be onsite for a grand opening ribbon cutting ceremony at 4:30pm ET today, July 13.
To learn more, please visit: https://www.gonitro.com/
About Nitro Software
Nitro (ASX: NTO) is a global SaaS leader in PDF document management and eSigning. Nitro’s Productivity Platform includes powerful PDF tools, digital workflow automation, highly secure eSigning and identity capabilities. Its industry-leading analytics solution measures and quantifies ROI, usage, and sustainability impact. With a best-in-class customer success team, Nitro supports more than 67% of the Fortune 500, 3 million licensed users and 13,000+ business customers across 157 countries. For more information, visit: https://www.gonitro.com/.
About Toronto Global
Toronto Global’s team of experienced business advisors work to help international companies access the most dynamic and innovative region in the world. We actively seek global companies interested in expanding to the Toronto Region and connect investors with the right opportunities that will facilitate the successful growth of their business. As an arms-length organization representing the Cities of Mississauga, Brampton and Toronto, and the Regional Municipalities of Durham, York, and Halton, we work with our partners in the Ontario and Canadian governments to provide a comprehensive, customized service that allows for a smooth transition for international companies wishing to do business here. Toronto Global is dedicated to understanding our clients’ business needs and delivering tailored, innovative solutions that will set the stage for their success in the Toronto Region.
1 2022 “GigaOm Radar for E-Signature Solutions”, Bill Witter, March 25, 2022
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Nitro Software
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Bospar for Nitro Software
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