- Software Circle
- 13 October 2025 16:19:58
Source: Sharecast
The AIM-traded firm said the acquisition, completed on a debt-free, cash-free basis, was expected to be both cash flow generative and earnings enhancing within the first year.
An initial €6.9m was paid on completion, less a €0.48m retention for estimated net liabilities, with a further €1.35m payable on the first anniversary of completion.
BIS reported revenue of €1.8m and EBIT of €0.9m for the year ended 31 March 2024, with around 90% of revenue recurring through subscriptions.
Founded in 2010, BIS is the longest-established client management software provider for financial brokers and advisers in Ireland, Software Circle said.
The platform enables users to compare financial products, manage client data and generate compliance-ready reports.
BIS would continue to be led by its chief executive Greg Bowden, who remains in his role following completion.
Software Circle said the acquisition would form part of its first vertical platform in Ireland, alongside Artificial Intelligence Finance (AIF), acquired earlier this year.
The two businesses would operate independently in the near term but share oversight and a coordinated strategy aimed at modernising technology, expanding features and deepening product integration.
Chief executive Gavin Cockerill said the deal marked a significant step in the group’s expansion strategy.
“BIS is a mission-critical platform for hundreds of financial brokers in Ireland, with a strong reputation and a leadership position in its market,” he said.
“Together with our recent acquisition of AIF, this marks the creation of our first dedicated platform within a single vertical.
“These two highly complementary businesses give us scale, diversification, and the opportunity to modernise technology while expanding product reach within the sector.”
Bowden described the acquisition as “a hugely exciting and positive step” for BIS, while AIF chief executive Karl Deeter said the partnership would “reshape the market” and “drive real innovation for both brokers and insurers.”
Following the deal, Software Circle now comprises 11 vertical market software businesses, with an annualised revenue run-rate of about £24m and an adjusted EBITDA margin in the low to mid-twenties.
The group said the acquisition moved it through its ‘Gate 4’ milestone of £5m adjusted EBITDA, improving access to debt funding as it targets £15m adjusted EBITDA in the medium term.
At 1541 BST, shares in Software Circle were up 3.13% at 23.1p.
Reporting by Josh White for Sharecast.com.
