Technology group snaps up £20.3m edtech business
TECHNOLOGY group Servelec is set on buying a £20.3m edtech business.
Synergy, a business in the Tribal Group, provides software to local authorities that help with data collection and analytics for children’s services.
The company’s software is being used by more than 100 local authorities.
Synergy last reported revenues of £6.3mp, with pre-tax profits reaching £2.7m.
The proposed purchase includes the intellectual property rights for the Synergy suite.
63 employees will move under the Servelec banner in the deal,
The deal has been funded through facilities provided by Lloyds Banking Group.
For the year to 31 December 2015, Sheffield-based Servelec increased turnover 22% to £63.1m. The company said this was down to the performance of its health and social care divisions, and is keen to build on them.
Pre-tax profits of £13.3m were an increase on £10.6m the year before.
Alan Stubbs, chief executive of Servelec Group said: “Building on a strong year for Servelec’s Social Care business, driven by the successful acquisition and integration of Corelogic, Synergy will allow our combined Local Government clients to improve child care by having a single view of a child’s needs.
“With our customers and potential customers needing the broader picture of child welfare to provide the care and support required, our purchase of Synergy gives Servelec the strongest and broadest offering in the market.”
Matt Henderson from Deloitte acted for Servelec on the acquisition due diligence and Paul Emmett from Walker Morris provided legal advice and services.
