TruFin PLC on Thursday said its subsidiary Oxygen Finance has agreed to acquire public sector tender information portal bidstats.uk for £500,000 from Axiom P1 Ltd.
TruFin is a London-based financial technology holding company for niche lenders and early payment providers said the deal included a £100,00 earn-out. Prior to Axiom’s ownership, the site and its assets were owned by venture capital-backed start-up Opportuni AI Ltd, TruFin said.
TruFin said the deal will be funded from Oxygen’s cash balances and is expected to be earnings accretive on an ongoing basis from year one.
It said the deal complements Oxygen’s existing ’insights services’ data products, providing ‘valuable cross-selling opportunities...[and] 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.’
TruFin Chief Executive Officer Ben Jackson 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.’
Shares in TruFin were flat at 56.50 pence each in London on Thursday afternoon.
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