Business
Acquisition of Topfloor Systems Limited
Acquisition of Topfloor Systems Limited.
About this update from Software Circle Plc
[{"type":"text","content":"\n \n \n \n Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulation. With the publication of this announcement, this information is now considered to be in the public domain.\n \n \n \n \n \n \n \n \n \n 17 February 2023\n \n \n \n \n Grafenia plc\n \n \n \n \n (\"Grafenia\", the \"Company\" or the \"Group\")\n \n \n \n \n \n \n \n \n \n Acquisition of Topfloor Systems Limited (\"Topfloor\")\n \n \n \n \n \n \n Grafenia plc (AIM: GRA) is pleased to announce that it has acquired the entire issued share capital of Topfloor Systems Limited, a provider of property management\n software services, based in Dublin, Ireland, on a debt free/cash free basis.\n \n \n \n \n \n The total consideration of up to €6.20m will be satisfied in cash.\n The acquisition is expected to be cash flow generative and earnings enhancing in the first year after acquisition.\n \n \n \n \n \n The initial consideration paid at completion was €3.84m, with deferred consideration of €0.96m to be paid on the first anniversary of completion. Up to a further €1.40m is payable contingent upon the achievement of certain targets relating to the future financial performance of Topfloor (the \"Earn-out\"). Further information on the terms of the acquisition is set out below.\n \n \n \n \n \n \n About Topfloor Systems Limited\n \n \n \n \n \n \n Topfloor is an established supplier of software services for the property sector with a strong reputation for its cloud based SaaS solutions Blockman and Letman used by property agents, property owners, landlords and tenants.\n \n \n \n \n \n Blockman is a service charge, ground rent, client accounting and administration tool providing advanced report and document generation for apartment block and estate managing agents.\n \n \n \n \n \n Letman is a\n tenancy administration and client rent accounting tool for property management agents involved in the letting and management of residential properties.\n \n \n \n \n \n Topfloor has high client retention rates and in excess of 95% of revenues arise from annual recurring fees from its circa\n 300 clients across Ireland and the United Kingdom.\n \n \n \n \n \n Niall Wrafter (CEO) and Cathal Brow...