REG - TruFin PLC TruFin PLC - Oxygen Finance acquisition of bidstats.uk

TrufinAnnouncement

09/11/2023 07:15

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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 £0.5m (including a £0.1m 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/
(https://www.oxygen-finance.com/?utm_source=carbon-pr-outreach-april-22&utm_medium=carbon-pr-outreach-april-22&utm_campaign=carbon-pr-outreach-april-22&utm_id=carbon-pr-outreach-april-22&utm_term=carbon-pr-outreach-april-22&utm_content=carbon-pr-outreach-april-22)
 

 

For further information, please contact:

 

 TruFin plc                                                         0203 7431340
 James van den Bergh, Chief Executive Officer
 07779 229508

Kam Bansil, Investor Relations
 Liberum Capital Limited (Nominated Adviser and Corporate broker)  0203 100 2000

 Chris Clarke

 Edward Thomas

 

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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