Fri, 14 Mar 2025 | BUSINESS SALE
Aim-listed Software Circle has bought technology group Total Drive Software for around £7.5 million.
Torquay-based Total Drive Software was launched in 2020 and is the UK's number one Driving Instructor app used by around 6,000 individual driving instructors weekly. About 80 per cent of its revenues arise from annual recurring subscription fees with the remainder from payment processing and training aids and materials. It has a revenue of close to £1 million.
Manchester-based Software Circle, which used to be called Grafenia, is a “serial acquirer” of vertical market software businesses.
The initial sum paid at completion was £3.5 million, with deferred consideration of £1 million to be paid on the first anniversary of the deal. Up to a further £3 million is payable contingent upon the achievement of certain targets relating to the future financial performance of Total Drive.
Founder and chief executive Ross Kernick of Total Drive Software will provide consultancy for two years post completion with Tom Wotton, CTO, leading the business on a day-to-day basis.
Gavin Cockerill, CEO, of Software Circle, said: "We are thrilled to welcome Total Drive to Software Circle. Another great addition to our portfolio of vertical market software businesses. Total Drive has built a market-leading product with a strong customer base, and we see significant potential to further accelerate its growth by leveraging our expertise in operational scalability, technology, and customer engagement. We look forward to working with Ross, Tom and the team to enhance Total Drive's market position."
Kernick commented: "Tom and I were highly impressed with Software Circle's operating model. We believe the quality of their systems and processes will play a crucial role in supporting our rapid growth, enhancing our award-winning software, and elevating our customer service.”
Software’s other businesses include online document management system provider Watermark and marketing and digital asset management software group Be The Brand.
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