MXC Capital-backed 365 Agile snapped up by Iafyds
Workforce management software firm 365 Agile to begin trading on AIM following acquisition by investment company Iafyds
MXC Capital-backed software firm 365 Agile has undergone a reverse takeover by investment company Iafyds in a deal worth £8.5m.
365 Agile provides software which lets customers connect information from the back office to field-based staff. The firm was spun off from document-management firm Documotive, following its acquisition by Castleton Technology - which is also backed by MXC Capital - in October 2014. MXC Capital then pledged £1m in funding for the firm in exchange for a 25 per cent stake.
As part of today's agreement with Iafyds, which will see 365 Agile begin trading on the AIM exchange, the company's co-founder and CEO, Jonathan Holyhead, also invested £100,000, and MXC Capital provided £850,000 in return for a 23.2 per cent stake in the new group. Iafyds also raised £2.24m through the placing of new shares to fund the move.
Holyhead said the deal is very exciting for the firm.
"Joining AIM is a big step in developing the potential of our technology; the enhanced profile and additional capital will enable us to accelerate our product development and drive further growth in the company," he said.
"This will assist us in increasing our presence in our current markets and will drive growth in future emerging solutions. Furthermore, we are very excited about the potential of our IoT offering which has already been well received by industry partners and users."
Following the deal, Iafyds - which is an investment firm that does not trade - said it will change its name to 365 Agile Group plc.
"The enlarged group's strategy will be to sell Agile through resellers into the identified target markets to add value to existing ICT infrastructure, systems and services," according to a company statement.
For the eight months to 30 April, 365 Agile's profit before tax was £201,000 on revenues of £704,000.
The acquisition is expected to be completed on 21 August.