PROACTIS Holdings acquires Due North LimitedPrint news article
Walker Morris has advised PROACTIS Holdings PLC, the specialist Spend Control software provider, on its acquisition of the entire issued share capital of Due North Limited from its parent company, Access Intelligence plc, for a gross cash consideration of £4.5 million.
The acquisition of Due North is in line with PROACTIS’ strategy of augmenting its organic growth with selective acquisitions and will enhance the Group’s position as a leading provider in the market.
Due North is a well-respected provider of eProcurement systems, with more than 300 clients principally in the UK Public sector. Due North’s expertise in the UK Public sector is complementary to PROACTIS’ business and the combination offers the opportunity for Due North’s clients to access the broader solutions offered by PROACTIS, as well as substantial operational synergies in the short and medium term.
Richard Naish from Walker Morris Corporate Group advised. Commenting on the deal Richard Naish said:
“PROACTIS is a long standing client of the firm and we’ve been delighted to work with them as they’ve grown and developed as a business. This acquisition undoubtedly reaffirms their position as the largest independent eProcurement solution provider to the UK Public sector and offers opportunities for enhanced earnings and future operational synergies.”
Rod Jones, CEO of PROACTIS, commented:
“I am delighted to announce the acquisition of Due North which is an excellent strategic fit – consolidating the Group’s position as the largest independent eProcurement solution provider in the UK market. Due North’s market penetration is substantial and should immediately benefit the wider PROACTIS business. I look forward to working with the team at Due North to grow the business and provide the wider client base with our end to end solutions.”