Bond Acquires TeamSpirit Software And HeadCount Services

Bond International Software plc has announced the acquisition of the business and assets of two related companies, Team Spirit Software Ltd ("TSS") and Headcount Services Ltd ("HCS") from the administrators. The total consideration will be £1m in cash and the assumption of liabilities of £0.8-£0.9 million.

17 June 2008

Headquartered in Essex, with approximately 27 staff, TSS specialises in the provision of integrated HR and payroll software to over 250 clients in a wide range of sectors.

HCS, which is based in London and employs 18 staff, uses Team Spirit software to provide payroll bureau services to approximately 600 clients.

Bond International Software is a global provider of recruitment & human capital management (HCM) software and services. Over the last 18 months Bond has been actively growing its HCM business with the recent acquisitions of the GOWI Group [December 2006] and Strictly Education [February 2007] and is the largest provider of specialist staffing software for recruitment agencies worldwide. TSS and HCS will complement this part of the Group's strategy by adding further scale, experienced management and staff and increased revenue and profitability.

These two acquisitions provide Bond with over £3 million of revenue of which £2 million is recurring revenue and an increased client base to incorporate into the group's sales and account management programme. The acquisition was completed in a very short timescale to ensure minimum disruption to customers, staff and operations.

Steve Russell, Chief Executive of Bond International Software, comments, "The HCM market offers Bond an excellent opportunity for expansion, both in terms of product portfolio and total addressable market. We look forward to a strong and lasting relationship with the TSS and HCS customers and staff. These two acquisitions provide more scale to our business operations, add experienced management and staff and increase our recurring revenues by over £2 million."

Russell concludes, "Although opportunistic, this acquisition fitted neatly with our strategy of further expanding into the HCM software market, building a strong and growing platform for the business."