AIM-listed AdvancedAdvT has agreed to acquire HFX, a provider of a cloud-based workforce management software.
AdvancedAdvT, an international software solutions provider for the business solutions, healthcare compliance and human capital management sectors, will pay £5.3m net of cash acquired of £600,000, of which £2m is to be deferred over two years.
The acquisition will be funded from the group’s existing cash resources.
In the 12 months ended 31st December 2024, HFX recorded revenue of £3.4m – 73% of it recurring – with EBITDA of £930,000 and net assets of £2.5m.
HFX provides workforce management software to over 450 customers across a wide range of sectors ranging from SMEs to smaller enterprise customers.
“HFX is a recognised leader in workforce management software,” said Vin Murria OBE, chairperson of AdvancedAdvT.
“It expands our presence in the space and aligns strongly with our strategy to invest in quality software businesses that drive efficiency and long-term value for its customers. We look forward to working closely with the HFX team to unlock value and deliver enhanced integrated solutions to a broader client base.
“We continue to look for complementary acquisitions that further enhance our offering to clients and creates value for shareholders.”