KBS PUSHES THE BUTTON ON MENTORING SOFTWARE BUSINESS SALE
A second software-as-a-service company, PushFar Ltd, has been sold by KBS Corporate to investment company ScaleUp Capital.
A second software-as-a-service (SaaS) company, PushFar Ltd, has been sold by KBS Corporate to investment company ScaleUp Capital, which specialises in funding small digital businesses.
In April 2022, ScaleUp bought Rungway with the help of KBS, and now the transaction for PushFar, which was overseen by George Barnes, Associate Corporate Director, will align suitably with that acquisition.
PushFar, with its HQ in London, is a world-leading global mentoring software platform, utilised by professionals and students to progress their careers. The company works with household names such as Samsung, Nissan, BNP Paribas Real Estate and Sodexo.
Co-founders Ed Johnson and Gabriel Sirbu will remain with PushFar post-completion to continue the growth the company has delivered since its inception – which was based upon an idea that was formulated in the latter part of 2017.
“We are thrilled to join forces with ScaleUp Capital,” said Ed Johnson, the PushFar CEO. “This collaboration represents a significant milestone for PushFar as we continue to evolve and revolutionise the mentoring space.
“With ScaleUp Capital’s support, we will be able to accelerate our growth trajectory and further empower professionals worldwide.
“KBS Corporate has been a fantastic partner for us. From initial research through to deal completion, George, Aaron (McWilliams, Senior Research Analyst) and the entire team were dedicated, hard-working, thoughtful, considerate and found several parties interested in our business.
“Within six months of the initial teaser, the deal completed and we are all thrilled with the outcome.”
KBS Corporate’s George Barnes added: “PushFar generated substantial interest as mentoring is now a core focus of many HR and training & development teams, as a means of promoting career development and staff retention with organisations noting these topics are intrinsically linked.
“PushFar, with its easy-to-use system, helps to leverage this previously unquantifiable asset to deliver substantial benefits to employees which aid company objectives as a whole.
“There is a strong demand for SaaS-based businesses due to the reliability of revenue and certainly a strong market for businesses with a growing SaaS revenue. Buyers are especially keen on businesses that are growing rapidly (ideally 100% per annum), operate within a niche and have contract lengths of more than 12 months (ideally three to five years).”
Regarding marketing the company to prospective buyers, Sara Fletcher, Senior Corporate Document Writer at KBS, commented: “PushFar’s award-winning software and diverse client base provided an excellent focal point in creating the documentation.
“I was able to highlight the significant advancements the company had made in recent years and its considerable potential for growth, particularly with regard to the ongoing demand for SaaS products and the greater demand for diversity in the workplace, which the software is well-placed to deliver.”
As the name suggests, ScaleUp invests in growing companies to accelerate their expansion, providing funding, expertise, methodology and support.
George Barnes added: “They are keen to look at any software businesses. The business we sold to them previously (Rungway) will be complementary to the type of services PushFar provides. This represents quite a strong cross-selling opportunity.”