Access Intelligence, a York supplier of Software-as-a-Service (SaaS) solutions for reputation and operational risk management, has decided sell its subsidiary, AITrackRecord to TrackRecord Holdings Limited, a junior company founded by David McNair Scott, current CEO of TrackRecord.
AITrackRecord provides a complete solution for training, competence and compliance management, designed specifically for the highly regulated UK financial services industry.
Access Intelligence has entered into an agreement with TrackRecord whereby Access Intelligence gets 20% from the share capital of TrackRecord and a deferred cash payment of around 100,000, payable every time a similar amount is received by AITR from HMRC as the R&D tax credit for AITR’s business while in the pre-acquisition period.
Joanna Arnold may also be joining the board of TrackRecord as the Non-Executive Director and the Group’s representative.
TrackRecord recently received 2.A million in make the most return for 80% in the equity in the field, and so the value of Access Intelligence’s 20% stake is roughly 0.5 million.
For 4 seasons ended 30 November 2015, AITR contributed revenue on the Group of 0.7 million, an EBITDA lack of 0.4 million plus a loss before tax of 2.4 million. The full property value websites liabilities being removed as at 30 November 2015 was 1.Six million.
The 100,000 of deferred consideration provides additional working capital to back up turn out to be and continuing development of the team.
Ms Arnold, CEO of Access Intelligence, said: “My business is delighted we’ve had the opportunity to secure a significant investment into TrackRecord via this beginning for reducing ourselves to a minority holding of 20%. The world thinks utilizing the latest money being received by TrackRecord, the company is now offering the administrative centre to expand and we’re delighted to join in on doing this.”
David McNair Scott, CEO of TrackRecord, added: “My business is excited to remain agreeing to the AITrackRecord business together with Access Intelligence. Were well positioned to consider selling point of the burgeoning market opportunity this may let you unique chance to help our customers through today of change driven by the UK’s regulatory mandate.”
