Flintfox International, a New Zealand-based provider of revenue management software, is keen to make acquisitions under its majority owner, Australian private equity firm Advent Partners, according to the company’s executives and Advent’s lead partners on the investment.
Flintfox is primarily interested in acquisitions in Europe, including the UK, and North America, Advent partner Symon Vegter said. The Melbourne-based PE firm invested in Flintfox in June 2020 and owns just over 50% of the company.
The company is in dialogue with a number of targets, and is hoping that a deal will come through in six to nine months, Vegter said. Flintfox and Advent are also interested in pitches from advisors regarding specific targets, he added.
Meanwhile, Advent could seek to exit Flintfox as early as next year, given its strong performance, said Brad Lynch, another partner at Advent. Annual recurring revenue (ARR) increased by more than 60% for its FY21 ending 31 March 2021, he said.
Flintfox is on track towards revenues of more than AUD 30m (USD 23m) by the end of FY22. The business has more than 120 full-time employees, Lynch said.
Regarding an exit, all options are on the table, Vegter said. An IPO has been discussed, likely on the Australian Securities Exchange (ASX) and possibly also on New Zealand’s Exchange (NZX), but Flintfox has also already had lots of interest from both sponsors and trade buyers, he said.
Targets in UK, Scandinavia, France, Benelux.
Flintfox, which provides revenue management software to help businesses manage and optimize pricing, is a Microsoft Gold partner and a Microsoft Dynamics system integrator in North America, a model it is looking to replicate in its other regions, with an initial focus on Europe, CEO John Moss said. This would likely happen via acquisition, he said.
By mergermarket – 11 June 2021