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Bond International Software acquisition
Bond International Software plc has announced the acquisition of the business and assets of two related companies; Team Spirit Software Ltd (TSS) and Headcount Services Ltd (HCS) from the administrators. The total consideration will be £1m in cash and the assumption of liabilities of £0.8-£0.9m.
Headquartered in Essex, with 27 staff, TSS specialises in the provision of integrated HR and payroll software to over 250 clients in a wide range of sectors. HCS, which is London-based and employs 18 staff, uses Team Spirit software to provide HR and payroll bureau services to approximately 600 clients.
These two acquisitions provide Bond with over £3m of revenue of which £2m is recurring and an increased client base to incorporate into the group's sales and account management programme. The acquisition was completed in a very short timescale to ensure minimum disruption to customers, staff and operations.
The acquisition of the business and assets of HCS and TSS was led by Stephen Loosemore of Coole+Haddock, he commented: "This acquisition was particularly challenging; we were formally instructed at about 5.00 pm one Thursday afternoon and told there was a contract race and that the acquisition needed to be completed by the end of the next day. Draft Agreements did not arrive until 8.20 pm on Thursday evening and we managed to complete on Friday night! The work was intense, nocturnal and demanding but was made enjoyable by an entrepreneurial, decisive and pragmatic client who was a pleasure to work for".