REG - Software Circle PLC - Suspected Payment Fraud

Software CircleAnnouncement

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RNS Number : 6887J  Software Circle PLC  22 May 2025

Prior to publication, the information contained within this announcement was
deemed by the Company to constitute inside information as stipulated under the
UK Market Abuse Regulation. With the publication of this announcement, this
information is now considered to be in the public domain.

22 May 2025

Software Circle plc ("Software Circle", the "Company" or the "Group")

Suspected Payment Fraud

The Board of Software Circle announces that one of the Group's operating units
has been the victim of a suspected authorised push payment fraud which has
resulted in £426,770 being inadvertently sent from the business unit's bank
account.

The incident was identified shortly after the transaction was made, and
immediate action was taken to notify the bank involved and law enforcement. A
specialist team within the bank is investigating the matter.

We can confirm that this incident was limited in scope, and there is no
evidence of a wider breach of the Group's systems or data.

The Board takes this matter extremely seriously. A full internal review is
being conducted, and steps have been taken to reinforce awareness of, and
strengthen, payment protocols across the Group. This includes additional
employee training, stricter multi-level verification procedures and enhanced
fraud detection measures.

Whilst the amount is significant, the Group's financial position remains
strong with a current Group cash balance of approximately £7.8 million and
all business activities continue as normal. We will provide a short update
regarding our financial year results for the year ended 31 March 2025 in the
coming weeks.

The Board remains committed to upholding the highest standards of governance
and operational resilience and will provide further updates in due course.

 

For further information:

 

Software Circle plc

Gavin Cockerill
(CEO)                              via
inverstors@softwarecircle.com

 

Allenby Capital Limited (Nominated Adviser and broker)     0203 328 5656

David Hart / Piers Shimwell (Corporate Finance)

Stefano Aquilino / Joscelin Pinnington (Sales and Corporate
Broking)

 

Notes to editors:

 

Software Circle plc is a UK based acquirer of vertical market software
businesses. Our aim is to help founders find the right exit strategy, without
fuss or drama. Continuing operations in an independent, decentralised way.
Keeping the entrepreneurial spirit and culture that exists in the businesses
we acquire. Providing a permanent home for their teams, management talent and
culture.

 

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