Whilst I cannot take any credit for the deal between FundTech and Accountis, I feel exhilarated at the service this blog provided in above acquisition. Here are some clues:
I actually thought there was a blog post giving more clues, but perhaps not! I believe it all started at a pub near Manchester Airport, where I had the privilege to meet a Representative, who came to know me through this blog. We spoke about the industry, why e-invoicing has not taken off as it should, and the potential acquisition targets in the UK. From the companies we discussed, Accountis had more synergies with FundTech than any other. Some of these being:
- Small company – eager to grow
- Control reside with Founder – makes much easier to deal with one person than a large number including financial backers
- Good technical capability – document exchange plus payments
- Deep understanding of the industry
- Key clients – DHL
- Scalability – ability to scale up quickly with investment
- Cash management – Good utilisation of cash reserves
- Location – significant public sector funding in Wales than in England
- Growth through cross selling – Ability to tap into each others customer base
- New propositions – ability to introduce new services
Since my initial encounter, I had the privilege to extend my relationship with the Representative. I also knows Rhys Jones lot better now than 12 months ago. As I am bound by confidentiality, I have not revealed everything I know. Brace yourselves for another announcement soon from Accountis!
I would like to take this opportunity to convey my best wishes for all involved from both camps. Additionally,
Well done, Rhys! You did it for the second time! What’s next, Sanoodi? If you are interested in learning about Sanoodi, do attend Northern StartUp Mobile 2.0 event on 21st Feb in Manchester eOffice. Could Rhys repeat the same success for edocr? As a start, bit more commitment would be much appreciated by the team!
Over the coming weeks, I will blog more into “what this means for the industry” and “what this means to Accountis”.