eg solutions makes software acquisition
FINANCIAL services software supplier eg solutions has expanded its operation with the £233,333 acquisition of XTAQ, a developer and supplier of business performance measurement software and associated services.
Founded in 1993, XTAQ developed its Nuqleus software to improve operational performance and effectiveness. Its customers use the Nuqleus programme strategically throughout their business or as a specific tool to address particular requirements.
The Bristol-based firm has rolled out the latest version of the product, Nuqleus 3D and has created long-term relationships with its customers who mainly use Nuqleus within processing centres, call centres and mobile professional workforces. XTAQ’s current customers include Aegon, Barclaycard, Citibank, GE Capital, Principality Building Society and Royal Bank of Scotland as well as a number of public sector clients.
The acquisition of XTAQ, which employs eight people, is considered a good fit as it brings together two companies with complementary software products and customer bases.
In the year to March 31, 2009 XTAQ’s audited turnover was £0.55m, on which it incurred a pre-tax loss of £0.15m.
Elizabeth Gooch, chief executive of eg solutions, said: “We believe that the acquisition of XTAQ is an excellent ‘bolt on’ to eg. It strengthens our position in the back office optimisation market, extends our product range, expands our customer base and adds to our recurring revenues.
“Furthermore, we consider that the sales prospects for Nuqleus 3D will be significantly improved by XTAQ being part of a larger and stronger business.”
