Selling A SaaS Business

C.H.I. UK Ltd

C.H.I. UK Ltd has been sold in a deal overseen by Will Griffiths, KBS Corporate Transaction Adviser.

Incorporated in 2005, the Tyne and Wear-based company is a specialist in business and domestic software development.

It operates OrchidLive, a secure online system for storing occupational health records via a state-of-the-art web application.

Offering 24/7 access to occupational health data, C.H.I. UK comprises a passionate team of developers with almost 100 years of combined experience in their field.

The software is trusted by some of the largest private and public sector organisations in the UK to power their occupational health teams, taking care of nearly one million employee records.

The company has been acquired by an investment team headed by Oliver Bridge, who has joined as Managing Director of OrchidLive.

Will Griffiths said of the deal: “There was significant interest in the opportunity from both private equity and trade buyers, due to the recurring revenue model and margins. I’m very pleased with the outcome of the sale.”

KBS would like to thank Claire Stretton of legal firm Gateley PLC, whose work Will described as being “great throughout the process”.

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.”