7 August 2018
- Proactis, the global spend management and B2B eCommerce company, today announced the acquisition of Esize, a recognised territory leader in the Netherlands for its cloud-based spend management solutions.
Tim Sykes, CFO at Proactis, stated: “We are delighted to welcome Esize to the Proactis Group. Its SaaS based business model is consistent with Proactis’ and will contribute high levels of contracted annual recurring revenue with high retention rates. It will also create a scaled operation in The Netherlands, enabling us to access growth opportunities through the cross-selling of complementary capabilities to both customer bases."
The Esize solutions cover the full procurement cycle for indirect spend and will provide Proactis with additional capabilities, specifically in the travel and expense management and contract labour markets. The organisations recent growth rates have been above 10% per annum and it has approximately 60 customers across the private and public sectors.
This acquisition is part of a strategy to grow the Proactis Group quickly through the growth of its organic businesses and through a programme of selected acquisitions. Proactis is expected to report record revenues for the year ended 31 July 2018 of more than £50m, with shareholders expecting this rate of growth to accelerate substantially over the next 3-5 years to £100m+.
“Proactis is delighted to have identified such a strong acquisition and looks forward to helping Esize grow its business very strongly over the coming years,” concluded Tim.
For more information about the acquisition, read the Regulatory News