Selling A SaaS Business

MD Consents Ltd

MD Consents, a specialist provider of software-as-a-service (SaaS) solutions for the healthcare sector, has been sold to US-based EngagedMD.

Founded in 2017, London-based MD Consents is on a mission to transform the informed consent process across the UK’s healthcare industry.

The company, led by Susan Diamond and Tony Marven, has developed a cloud-based SaaS platform for the benefit of clients in the public and private healthcare markets.

The strength of MD Consents’ offering has provided access to NHS procurement contracts and the government’s Digital Marketplace via G-Cloud 12.

The sale was overseen by Steve Alcock, KBS Corporate Deal Executive.

“MD Consents boasts an innovative SaaS platform and a strong client base, accounting for relationships with key NHS trusts and private healthcare providers,” said Steve. 

“The company was immediately an attractive opportunity for potential buyers looking to access larger contracts in the UK market.” 

EngagedMD, based in Washington D.C, has acquired MD Consents as part of its long-term strategy to enter the UK healthcare sector.

Throughout its time in operation, EngagedMD has developed intuitive solutions that automate administrative tasks throughout the healthcare delivery process. Consequently, the US-based company has served over 20,000 clinicians and facilitated eight million signed forms. 

MD Consents director Susan Diamond said: “The combination of the EngagedMD and MD Consents platforms ensures our customers will continue to benefit from a robust consenting platform.

“We look forward to continuing to respond to our customers’ challenges and delivering more innovative features and services.”

Taylor Stein, co-CEO of Engaged MD, said: “EngagedMD and MD Consents share a common vision – to improve patient experiences through informed decision-making. This acquisition is a significant step forward in realising that vision on a broader scale.”

Steve Alcock added: “I have enjoyed working with Susan and Tony throughout the sale and wish them all the best in the future at MD Consents and beyond.”

PushFar Ltd

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.”

Advizzo Ltd

George Barnes, Associate Corporate Director at KBS Corporate, has advised on the sale of Advizzo Ltd to a specialist energy infrastructure assets manager. 

Founded in 2015, Advizzo has developed a comprehensive software-as-a-service (SaaS) solution that enables commercial organisations and their consumers to improve energy sustainability and cost efficiency. 

The London-based company is well regarded in its market, actively serving blue-chip clients such as Southern Water, Severn Trent and Dubai Electricity and Water Authority (DEWA). 

Through its established client base, Advizzo enables two million households to manage their usage with innovative tools. 

Advizzo CEO Patrice Guillouzic instructed KBS on the sale to find the right partner that would take the company to the next level. 

“Energy and utility companies are incentivised to deliver energy efficiency or risk significant fines related to their global turnover,” said George Barnes. 

“Advizzo enables smart-meter vendors to leverage the data, which has until now been an unused asset in changing customer behaviours. 

“The company has proven its technology in both water and electricity markets across the world, having customers in the UK, France, Italy, the USA, the UAE and New Zealand. Advizzo is applied on large-scale projects which demonstrates the software’s scalability.” 

Advizzo has been acquired by Calisen Capital, which is currently focused on capturing the opportunities offered by the government-mandated roll-out of smart meters in the UK. 

The business’s diverse service portfolio now encompasses installation, meter readings, electric vehicle charging and associated maintenance solutions. 

Patrice Guillouzic commented on the sale and Advizzo’s new owner: “We are delighted to join forces with Calisen to continue to accelerate the growth of innovative software solutions for as many consumers as possible in the UK and overseas.  

“With Calisen, we will continue optimising consumers’ electricity, gas and water consumption and having a positive impact using behavioural and data science.” 

Sean Latus, CEO of the Calisen Group, added: “Advizzo’s capabilities in the water sector provide Calisen with an opportunity to expand its offering and assist water companies with their net zero goals, contributing to a greener and cleaner environment. 

“I would like to welcome our new colleagues and I am confident that by working with Calisen’s team, they will achieve great results.” 

George Barnes was pleased with the deal secured by KBS, which was assisted by Advizzo’s lucrative SaaS appeal in the M&A market. 

“We are seeing plenty of interest in SaaS businesses as buyers are drawn to the contracted turnover,” he said. “We’ve achieved strong multiples based on both EBITDA and annual recurring revenue (ARR). 

“The transaction is an excellent result in terms of collaboration. Everyone at KBS wishes both Advizzo and Calisen the best in creating a net zero solution.”