14th May 2025 13:25
(Alliance News) - AdvancedAdvT Ltd on Wednesday announced it has agreed to acquire HFX Ltd, a cloud-based workforce management software-as-a-service solution provider.
The London-based owner of software for business solutions, healthcare compliance, and human capital management businesses that were formerly part of Capita PLC said the deal was for a total consideration of GBP5.3 million, of which GBP2 million is deferred over two years.
The takeover will be funded from AdvancedAdvT's existing cash resources.
HFX delivered GBP3.4 million in revenue during 2024, of which 73% is recurring, alongside earnings before interest, tax, depreciation and amortisation of GBP930,000 and net assets of GBP2.5 million.
The acquisition further expands the group's addressable market and scale within the UK, AdvancedAdvT said, aligning with its strategy to enhance long-term growth via recurring software-as-a-service revenue.
"HFX is a recognised leader in workforce management software. It expands our presence in the space and aligns strongly with our strategy to invest in quality software businesses that drive efficiency and long-term value for its customers. We look forward to working closely with the HFX team to unlock value and deliver enhanced integrated solutions to a broader client base," said AdvancedAdvT Chair Vin Murria.
"We continue to look for complementary acquisitions that further enhance our offering to clients and creates value for shareholders."
Shares in AdvancedAdvT were up 0.9% at 156.44 pence each in London on Wednesday afternoon. The stock has risen 12% over the past year.
By Emily Parsons, Alliance News reporter
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