Allocate has announced the acquisition of Dynamic Change, a SaaS provider of regulatory compliance, corporate governance, risk and performance management to the UK health sector. The deal increases the proportion of subscription-based revenues for the group, improving visibility and cash flow, as well as adding a complementary product set. The share price has been weak reflecting worries about UK public sector spend, a fear we believe to be overdone given the bias towards money-saving revenue-based models rather than capital projects.

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