SimplyBiz’s £76m acquisition of fintech firm adds 20% revenue in first three-months

SimplyBiz, the Huddersfield-based business support company, has this morning said that its £76m acquisition of fintech firm Defaqto in March has already added 20% revenues to the group.

Issuing a trading statement for six months ended 30 June 2019In March 2019, SimplyBix said that through a debt and equity raise it had continued to grow the organic revenues and adjusted EBITDA of the group.

SimplyBiz said: “Following the acquisition of Defaqto in March 2019, the Group has delivered 20% revenue and 30% adjusted EBITDA growth in the period, including the 3-month contribution from Defaqto.

“The integration of Defaqto has and continues to progress well and the enlarged Group now serves over 6,000 intermediaries and over 350 financial institutions, significantly increasing the scale of the Group.”

Group net debt stood at £30.1m at 30 June 2019, in line with its expectations, after scheduled payment of a £1.6m dividend in April.

Matt Timmins, Joint CEO at SimplyBiz, said: “We are delighted to have completed the acquisition of Defaqto in March 2019 and welcome their directors and staff into The SimplyBiz Group.

“The integration of the business is progressing well and in line with management expectations. As well as delivering the acquisition, we have continued to grow the organic revenues and adjusted EBITDA of the Group.”

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