Leicester business software firm sold out of administration
Leicetershire-based e-bate has been acquired out of administration by ebate Software Limited.
ebate Software was formed from Evolved Ideas, a provider of bespoke software development, technology consultancy, and staff augmentation services.
Mountsorrel based e-bate was set up by well-known entrepreneur Leanne Bonner-Cooke MBE in 2018. The firm fell into administration of August 21.
The e-bate software platform helps companies to manage and simplify rebate and promotional incentives schemes. In 2022, e-bate raised £1.3m through the MEIF Proof of Concept & Early Stage Fund, which was managed by Mercia and part of the Midlands Engine Investment Fund, Mercia’s EIS Funds and angel investors.
Colette Wyatt, CEO of Evolved Ideas and an original founder of e-bate Limited, stated, “This is an exciting milestone for Evolved Ideas, and for the rebate management industry. In acquiring e-bate Limited, we’ve ensured that the company’s customers will continue to receive a high level of service. And in partnering with Enable, we are bringing about extensive technical capabilities and ensuring firm financial foundations.”
Andrew Butt, founder and CEO of Enable, added: “We’ve created this partnership with Evolved Ideas, and indeed have invested financially into its success, in order to add additional value for rebate strategists. Rebate management is undergoing a transformative shift due to advancements in technology, and this is leading companies to work together to drive additional innovation and set new standards for the industry.
“Enable’s acquisition of Profectus’s Rebate Deal Management arm in 2022 is representative of this, and so is our recent announcement of AI-based analytics for rebates. Followed now with this strategic partnership with Evolved Ideas, we are taking a significant step forward in our mission to enable trusted trading relationships where companies serve customers better together using the best incentive there is — rebates. By combining strengths, we are not just enhancing service delivery but actively shaping the future of the industry.”
In its latest accounts, made up to the end of the end of March this year, e-bate said it employed 29 people.
