{"id":19683,"date":"2025-03-14T07:56:04","date_gmt":"2025-03-14T07:56:04","guid":{"rendered":"https:\/\/www.thebusinessdesk.com\/south-west\/?p=19683"},"modified":"2025-03-14T08:04:09","modified_gmt":"2025-03-14T08:04:09","slug":"serial-acquirer-in-driving-seat-after-7m-deal-for-software-specialist","status":"publish","type":"post","link":"https:\/\/www.thebusinessdesk.com\/south-west\/news\/19683-serial-acquirer-in-driving-seat-after-7m-deal-for-software-specialist","title":{"rendered":"‘Serial acquirer’ in driving seat after \u00a37m deal for software specialist"},"content":{"rendered":"

Software Circle has put itself in the driving seat after acquiring a specialist software company in a deal worth up to \u00a37.5m.<\/p>\n

The AIM-listed business has bought Torquay-based Total Drive Software, which provides an end-to-end software solution to 6,000 individual driving instructors<\/p>\n

Software Circle, which used to be called Grafenia, is a “serial acquirer” of vertical market software businesses.<\/p>\n

Gavin Cockerill, chief executive of the Manchester-based group, said it was “another great addition” to its growing portfolio.<\/p>\n

“Total Drive has built a market-leading product with a strong customer base, and we see significant potential to further accelerate its growth by leveraging our expertise in operational scalability, technology, and customer engagement,” he said.<\/p>\n

The initial cash payment of \u00a33.5m, with a further \u00a31.0m due in a year. Up to \u00a33.0m is payable based on 2026 performance.<\/p>\n

Total Drive has current run-rate revenues of approximately \u00a31.1m, and the deal valuation has been based upon expected earnings of approximately \u00a30.7m. 80% of its revenues come from annual recurring subscription fees with the remainder from payment processing and training aids and materials.<\/p>\n

\"\"

Ross Kernick, founder of Total Drive<\/p><\/div>\n

Founder and chief executive Ross Kernick will provide consultancy for two years post completion with chief technology officer Tom Wotton leading the business on a day-to-day basis.<\/p>\n

Kernick said: “Tom and I were highly impressed with Software Circle’s operating model. We believe the quality of their systems and processes will play a crucial role in supporting our rapid growth, enhancing our award-winning software, and elevating our customer service.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Software Circle has added to its portfolio of vertical market software businesses<\/p>\n","protected":false},"author":18,"featured_media":19684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,120781],"coauthors":[81],"class_list":["post-19683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-markets","tag-devon","tag-featured-story","tag-greater-manchester"],"yoast_head":"\n'Serial acquirer' in driving seat after \u00a37m deal for software specialist - South West<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thebusinessdesk.com\/south-west\/news\/19683-serial-acquirer-in-driving-seat-after-7m-deal-for-software-specialist\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"'Serial acquirer' in driving seat after \u00a37m deal for software specialist - 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