Listed Norwegian software company, SmartCraft ASA, has acquired Clixifix as its first move into the UK market.
“This is a landmark event for SmartCraft, and through this strategically important, and financially accretive transaction, we are taking our first step outside our Nordic home markets, expanding our market potential massively, explained Gustav Line CEO of SmartCraft.
“Clixifix represents a great foothold and starting point for further growth in the UK. It also matches well with SmartCraft as it has a high share of SaaS recurring revenue, a strong growth profile, an attractive, large customer base and a modern technical platform,”
Clixifix is based in Houghton le Spring near Sunderland and provides an end-to-end SaaS-based scalable solution managing defects, complaints and repairs for construction companies and property owners.
The deal is worth £10.2m, which will be settled in cash, with a “small element” of shares, which have already been purchased in the buy-back programme. It will give the group an additional annual recurring revenue of £2.76m.
Clixifix is SmartCraft’s 12th acquisition, over the past seven years. The previous 11 acquisitions were in Norway, Sweden, and Finland.
“We are very excited to welcome Clixifix to the SmartCraft family. With 85 percent recurring revenue, a modern technology platform, low churn, rapid growth and a highly scalable model, Clixifix is a high-quality platform that stands out in the UK landscape,” continued Line.
Last year, Clixifix had revenues of £2.45m, which was a 50% growth year-on-year. It employs 34 staff.
“We are really looking forward to becoming part of SmartCraft. With its strong track record of building great software companies and a broad portfolio of best-of-breed SaaS solutions for the construction industry, we truly think it’s a great home for Clixifix,” said James Farrell, CEO of Clixifix.
