TruFin PLC Oxygen Finance acquisition of bidstats.uk (8682S)
November 09 2023 - 2:00AM
UK Regulatory
TIDMTRU TIDMTRU
RNS Number : 8682S
TruFin PLC
09 November 2023
9 November 2023
TruFin plc
("TruFin" or the "Company")
Oxygen Finance acquisition of bidstats.uk
Oxygen Finance ("Oxygen") acquires bidstats.uk, the UK's No 1
portal for public sector tender information, extending its market
leading position
TruFin is pleased to announce that its subsidiary Oxygen, the
leading early payments programme provider headquartered in
Birmingham, has today entered into a binding agreement to acquire
bidstats.uk and all associated assets.
bidstats.uk offers users a suite of tools bundled into easily
accessible freemium and subscription services that help businesses
win public sector work. The site has more than 50,000 users of its
free subscription services and around 500 paying subscribers.
bidstats.uk and related assets will be purchased for a total
cash consideration of GBP0.5m (including a GBP0.1m earn out) from
Axiom P1 Ltd. Prior to Axiom's ownership, the site and its assets
were owned by VC-backed start-up Opportuni AI Ltd.
The acquisition complements Oxygen's existing Insights Services
data products, providing valuable cross-selling opportunities.
Additionally, the deal positions Oxygen to extend its award-winning
services to thousands of small and medium sized businesses
alongside its existing private sector clients and local government
buyers.
The purchase will be funded from Oxygen's cash balances and is
expected to be earnings accretive, on an ongoing basis, from year
one.
Ben Jackson, Chief Executive Officer, Oxygen Finance,
commented:
"We are delighted to complete this bolt-on acquisition for
Oxygen. bidstats.uk will level the playing field, ensuring
potential suppliers, big and small, have complete visibility of
public sector work. Local authorities will secure best value for
their communities through transparent and efficient trading
processes for buyers and suppliers alike".
About Oxygen Finance
Financial Technology Delivering Social Value. Oxygen Finance
helps businesses thrive and public sector organisations deliver
economic and social benefit to our world. Through progressive
payment practices, big data and expertise, Oxygen allows public
sector and private organisations to trade more effectively.
Payments become frictionless, data becomes information - driving
growth and efficiency and resulting in better social and economic
outcomes.
https://www.oxygen-finance.com/
For further information, please contact:
TruFin plc
James van den Bergh, Chief Executive Officer 0203 7431340
Kam Bansil, Investor Relations 07779 229508
Liberum Capital Limited (Nominated Adviser
and Corporate broker)
Chris Clarke
Edward Thomas 0203 100 2000
TruFin plc is the holding company of an operating group
comprising three growth-focused technology businesses operating in
niche markets: early payment provision, invoice finance and mobile
games publishing. The Company was admitted to AIM in February 2018
and trades under the ticker symbol: TRU. More information is
available on the Company website: www.TruFin.com.
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END
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