Bank funding enables major acquisition for software provider
A York business software provider is rapidly expanding its operations worldwide with the support of a six-figure funding package.
The support from HSBC UK means Onesys Group has been able to fund its biggest acquisition to date.
The firm supplies timesheet, project and billing systems across the UK, Ireland and throughout the world.
With the backing of HSBC UK, the Group has now bought Sage Coretime, a leading timesheet and project management software used by the professional services industry.
The deal will see Onesys grow its customer base by 25%, helping it to consolidate its position in the marketplace.
And the purchase also enables it to make significant savings in the long-term, as the business was previously licencing the software from software giant Sage. In future the products will be known as Coretime.
As a result of the acquisition, Onesys expects to recruit at least four additional staff at its York HQ and increase turnover of this division by 40% in the next 12 months.
Richard Knowles, managing director of Onesys Group, said: “Our growth strategy is centred on making acquisitions that broaden our customer base, as well as our technical skills and expertise.
“This is the fourth acquisition we have made with HSBC UK’s backing, and it represents a major leap forward for Onesys, as over 800 businesses worldwide use this leading software, with our latest sale today being in Kazakhstan”
Stephen Smith, relationship manager for North & West Yorkshire, HSBC UK, added: “It’s fantastic to see Onesys continue to meet its ambitious acquisition-focused growth strategy. HSBC UK has worked with Onesys 10 years and throughout this period we have seen the business grow into a major player in its industry.”
Onesys Group has a history dating back to 1972. It supplies businesses across a range of sectors, but specialises in manufacturers and distributors, as well as the professional services sector.
The Group is headquartered in Little Ouseburn, York, and has six offices throughout the UK, employing 47 people.
