LONDON, UK: TPXimpact Holdings Plc (AIM: TPX), the technology-enabled services company focused on digital transformation, announced the conditional acquisition of the entire issued share capital of both Peak Indicators Ltd and Swirrl IT Ltd.
The acquisitions are strategically important to TPX, significantly expanding the Group’s capabilities in artificial intelligence (AI), data science and analytics.
Together they will form TPXimpact’s AI & Data capability, opening a new market opportunity that the Company has so far addressed by working with associates. With 65 full-time staff members, this new capability will be positioned to assist clients across TPX’s target sectors in gaining stronger insights to aid their decision making.
Neal Gandhi, Chief Executive Officer of TPXimpact, said: “I am delighted to welcome the Peak Indicators and Swirrl teams to TPXimpact. With a comprehensive and specialist range of data capabilities now in place, these acquisitions represent another key strategic step forward for TPX in our mission to take on the multitude of complex challenges facing the public and commercial sectors and deliver sustainable digital change. More than ever, we are now confident in our ability to bid for and win larger, more lucrative contracts with our enhanced service offering.”
“We’re also delighted to announce that having reached run rate revenues of approximately £100m through both these acquisitions and existing growth, we are on track to achieve our original commercial vision a whole year ahead of plan. This has been achieved at the same time as executing on our plan to become a single, integrated organisation operating under the TPXimpact brand. I’d like to thank all of our staff for their patience as we’ve pulled the combined organisation together. We’re excited to now focus on our FY25 commercial vision of achieving £200m revenues on a run rate basis by March 2025.”
Chesterfield-based Peak Indicators, founded in 2008, is a leading data science services and analytics consultancy. It works with the UK Public and Commercial sectors to provide deep technical skills in data engineering, business analytics, data science and artificial intelligence. Peak Indicators has built a strong client-base across both sectors with customers including Devon County Council, HSBC, Northern Power Grid, North East Lincolnshire Council, the Ministry of Defence and John Lewis, alongside a number of other commercial sector companies.
Peak Indicators represents a strong fit for TPX, with both organisations’ core values aligned around commitment to people, customers and communities. Both also have an ambition to promote diversity and inclusivity within the technology sector. The Acquisition of Peak Indicators supports TPXimpact’s aim to kick-start digital careers among the communities in which it operates through Peak Indicators’ highly successful Graduate and Degree Apprentice programmes, which has produced over 40% of their 50 full time employees.
The acquisition of Peak Indicators will be immediately accretive for TPXimpact, with Peak Indicators delivering revenues of £3.28m and an Adjusted EBITDA of £0.19m in the 12 months to 30 September 2021. Peak Indicators is debt free and with a strong bookings and revenue pipeline. Management is confident that Peak Indicators can deliver EBITDA in excess of £0.5min the 12 months to 30 September 2022.
Andy Ball and Antony Heljula, Founders of Peak Indicators Ltd, said: “From the inception of Peak Indicators, we have strived to create a company that is committed to our people, our customers and our community. These core values align with those of TPXimpact and we are excited to join them in using our collective skills to continue improving the world around us.
We are excited to join another purpose-led business in the next stage of our growth journey. As part of the TPXimpact team, we look forward to continuing to deliver impactful change.”
Stirling-based Swirrl IT Ltd, is a cloud-based open data consultancy specialist with a focus on data integration and dissemination in public sector organisations. Through its ‘PublishMyData’ platform, Swirrl works to help government organisations better manage and distribute their data, so that analysts can find, understand and apply it to important problems.
Data integration and dissemination is an area of growing importance to governments as a means to tackle large and complex interconnected challenges such as climate change, improved healthcare and challenges facing the economy.
Swirrl has amassed a strong client base within the public sector and will strengthen TPX’s foothold in this market. Customers include the Department for Environment, Forestry and Rural Affairs, the Office for National Statistics, Scottish Government and the Department for Levelling Up Housing and Communities.
The acquisition of Swirrl will be immediately earnings enhancing for TPX. It achieved revenues of £1.9m and Adjusted EBITDA of £0.5m in the 12 months to April 2021. Swirrl is debt-free and expects strong revenue growth for the year ending 5 April 2022.
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