Strategic Corporate Finance advised the shareholders of EIBS Limited on the sale to Ideagen plc.
EIBS, based in Nottingham, is one of the UK’s leading independent developers of web content management software. Its Easysite software is supplied to numerous local authorities, NHS trusts and charities to run complex websites.
Strategic Corporate Finance was appointed by the shareholders to value the company and subsequently to act as lead deal advisors on its sale.
Following a confidential marketing and bidding process, an offer was accepted from Ideagen plc, a fast growing provider of compliance based Information Management software.
The cash consideration of £1.55 million, paid in full at completion, was in line with the initial valuation prepared by Strategic Corporate Finance and represented a substantial multiple of underlying earnings.
Greg Barker, Director at Strategic Corporate Finance, commented that: “We are very pleased to have led the successful sale of EIBS, which meets the various needs of its different shareholders. EIBS directors Hugh Smith and Matt Burnett have worked incredibly hard in recent years to develop a class-leading product, the potential of which should be maximised under the ownership of Ideagen.”
EIBS Managing Director and shareholder Dr Hugh Smith stated: “EIBS Ltd appointed Strategic Corporate Finance after looking at several companies that were keen to help us achieve a sale. We chose SCF on the basis that we liked them and thought that we would get more attention than we might have from some of the larger companies. This proved to be the case and SCF handled the sale process very well. The outcome was that we met with a number of companies that were interested in acquiring EIBS before we eventually chose Ideagen Plc.”