School payment group goes Dutch for European expansion
A Coventry-based school payment management business is expanding into Europe with the acquisition of a Dutch company following a multi-million pound funding deal.
ParentPay Group, founded in 2002, provides school payment and parental engagement services to more than 5 million parents and 12,500 schools across the UK.
The firm’s web-based platform allows parents to digitally manage payments for their child’s school items, including meals, trips and uniforms.
The company has acquired WIS, an education payment and communication business based in the Netherlands, to capitalise on the growing education eCommerce market in Europe.
The concept is becoming widely adopted in Dutch schools and WIS is currently one of few businesses on the continent to offer the service to parents.
The deal is ParentPay’s first overseas acquisition and the third in the past year completed with Lloyds Bank’s support.
The group recently joined forces with Cypad, a leader in tablet and web-based solutions for school catering, and Schoolcomms, a parental engagement software provider.
ParentPay Group now expects to process more than £1bn in payments during the coming year, with WIS increasing annual turnover for the group by 10% in 2018.
The company now employs more than 200 staff across the UK and the Netherlands.
Clint Wilson, Group Chief Executive at ParentPay, said: “WIS has led the way in the Netherlands for the adoption of digital parental engagement and payment services. We have gained a deep respect for the success that WIS has achieved and it has shown that there is a significant opportunity in Europe for services such as ParentPay in the next five years, where we expect to see a fundamental shift in school adoption of digital services for parents.
“The acquisition is a fantastic opportunity for us to expand into Europe by partnering with a well-respected company that will continue to boost both the market and our business.
“We’ve worked with the team at Lloyds Bank since the beginning and they’ve played an important role in our growth and expansion throughout the years. Their support and guidance has been invaluable in making this exciting new chapter for our business a reality.”
Tom Horton, Relationship Director at Lloyds Bank Commercial Banking, said: “It’s great to be supporting this long-standing customer in its first overseas acquisition and to see the business focusing on growth opportunities in Europe. ParentPay Group is flying the flag for innovative British businesses who are strengthening their presence in continental markets.”
ParentPay was advised by Sherrards and Van Diepen. Carol Betts and Alison O’Kelly at Gateley acted for Lloyds Bank Strategic Debt Finance.
