UK software provider scoops up Kiwi SaaS player for $11M
- 18 October, 2018 09:15
UK-based workspace management software vendor SmartSpace has acquired SwipedOn, a New Zealand-based software-as-a-service (SaaS) provider in a transaction worth $11 million.
SwipedOn provides visitor management solutions to customers across the world, delivered through a monthly subscription.
Capable of linking multiple locations with one company overview, the software is able to instantly notify employees of visitor arrivals via email and/or SMS, whilst also custom printing visitor ID badges.
“We are delighted to announce the acquisition of SwipedOn,” said Frank Beechinor, CEO of SmartSpace.
“In July 2018 we set out with the intention of identifying acquisition targets in three categories - 'bulking up', broaden our functionality and providing us an entry-level SaaS offering. SwipedOn sits in two of these categories.”
According to Beechinor, the SwipedOn product is “highly complementary” to SmartSpace's existing software offering as well as providing a launchpad for the company's ambition to offer entry level workplace optimisation solutions.
With customers across the globe, Beechinor said SwipedOn has created an infrastructure capable of “selling to and supporting” clients around the world.
“As part of our search, we investigated several acquisition opportunities in visitor management in the UK, the US and Europe,” Beechinor added.
“We decided on SwipedOn as we felt it met our criteria of offering good value, had a scalable technology, a worldwide customer base, a strong team and established SaaS management processes with the potential for significant growth.”
SwipedOn has customers in 39 countries and is growing by over 100 customers every month, with a base of customers spanning the USA, Canada, UK, Australia and New Zealand.
The business has annual recurring revenues of approximately $1.7 million, growing at more than 100 per cent per annum.
“This deal fits with our strategy of having a product offering at each level in the market from entry-level through to mid-market and enterprise,” Beechinor said. “SwipedOn has rapidly growing, high quality SaaS revenues with excellent retention and very low customer churn.
“This will help us to broaden our revenue base and will enable us to be less dependent purely on enterprise-level deals. And, with customers in over 39 countries, SwipedOn's worldwide presence supports our ambition to be a global business.”