Bond Software acquires Team Spirit Software and Headcount Services

Written by PayPerShop.com - Filed under: Press Releases on June 18th, 2008

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Bond International Software, a provider of staffing software to recruitment agencies, has acquired Team Spirit Software (TSS) and Headcount Services (HCS) headquartered in Essex and London respectively
TSS, which specialises in the development of integrated HR and payroll software, employs 27 people and offers its services to more than 250 clients. In the financial year ended 29 February 2007, TSS showed a total turnover of £1.974m and an operating profit of £563,000.

HCS, which comprises a team of 18, uses Team Spirit software to provide payroll bureau services to its clients, numbering around 600. The company reported a turnover of £1.226m and operating profit of £41,000 in the year ended 29 February 2007.

According to Bond, the company has been looking to expand its human capital management (HCM) business and also acquired the GOWI Group and Strictly Education. The acquisition of TSS and HCS will complement the group’s strategy by adding another complimentary profitable business. The move, which was accomplished at a total consideration of £1m in cash and the assumption of liabilities of £0.8m to £0.9m, will provide the company with recurring revenue of approximately £2m and also increase its client base.

Steve Russell, CEO of Bond International Software said: “The human capital management market offers Bond an exciting opportunity to grow both organically and through acquisition. This acquisition provides not only further scale to Bond but provides security of continued investment in their offerings for TSS and HCS customers and therefore represents excellent shareholder value.”

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Written by PayPerShop.com - or reproduced on behalf of the company supplying the above information.

Filed under: Press Releases on June 18th, 2008