LONDON: AdvancedAdvT Limited, the international software solutions provider for the business solutions, healthcare compliance, and human capital management sectors has agreed to acquire HFX Limited, the provider of a cloud based workforce management SaaS solution, for a total consideration of £5.3 million net of cash acquired of £0.6 million, of which £2 million is deferred over two years. The acquisition will be funded from the Group’s existing cash resources.
In the 12 months ended 31 December 2024, HFX recorded pre-exceptional revenue of £3.39 million (73% recurring), with pre-exceptional EBITDA3 of £0.93 million and had net assets of £2.51 million.
HFX provides workforce management software to over 450 customers across a wide range of sectors ranging from SMEs to smaller enterprise customers.
Combined with WFM the acquisition significantly expands the Groups existing workforce management software offering with a complimentary SaaS product, enabling us to better serve both enterprise and SME customers with tailored solutions.
It will also provide an alternative solution for smaller on-premise clients to migrate to and enjoy all the benefits a cloud solution.
HFX further expands our addressable market and scale in the UK, aligning with our strategy to enhance long-term growth through recurring SaaS revenues.
Vin Murria OBE, Chairperson of AdvancedAdvT, commented: “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.
“We continue to look for complementary acquisitions that further enhance our offering to clients and creates value for shareholders.”