LONDON, UK: TruFin announced that its subsidiary Oxygen Finance, the leading early payments programme provider headquartered in Birmingham, has entered into a binding agreement to acquire bidstats.uk and all associated assets.

bidstats.uk offers users a suite of tools bundled into easily accessible freemium and subscription services that help businesses win public sector work.

The site has more than 50,000 users of its free subscription services and around 500 paying subscribers. 

bidstats.uk and related assets will be purchased for a total cash consideration of £0.5m (including a £0.1m earn out) from Axiom P1 Ltd. Prior to Axiom’s ownership, the site and its assets were owned by VC-backed start-up Opportuni AI Ltd.

The acquisition complements Oxygen’s existing Insights Services data products, providing valuable cross-selling opportunities.

Additionally, the deal positions Oxygen Finance to extend its award-winning services to thousands of small and medium sized businesses alongside its existing private sector clients and local government buyers.

The purchase will be funded from Oxygen’s cash balances and is expected to be earnings accretive, on an ongoing basis, from year one.

Ben Jackson, Chief Executive Officer, Oxygen Finance, 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”.

TruFin Plc has sold its 53.8% equity holding in Vertus Capital Ltd