Birmingham software firm acquires Coventry competitor to boost UK positioning with 50% subscriber increase overnight
Birmingham-based field management software provider, Joblogic, has bolstered its position in the UK, increasing its subscriber base by 50% overnight after purchasing Coventry-based competitor Protean Software.
The deal, for an undisclosed sum, has absorbed Protean’s client base of more than 10,000 users and its 50 employees, who will now join the Joblogic team located at the company’s central Birmingham offices.
The acquisition has been funded by internal cash flow and a new line of credit from CIBC Innovation Banking. It’s the firms’ first major transaction following Joblogic’s recent investment by Axiom Equity.
Joblogic’s CEO, James Whatmore, said: “It’s a strategic acquisition that’s going to accelerate our growth goals for the UK FSM market. We wanted to do this deal for a number of reasons. Most importantly we’re scaling up our own teams and trying to hire the best people in the industry. We respect Protean and what they’ve built over the past 20 years.
“We know that their team is experienced, built on integrity and is culturally aligned with ours. They’re client focused and that’s important to us. Also, their customer base is very close to ours. This gives us high confidence in making our collaboration a success. We can offer them enhanced support on their current product with an exciting option to move to the best cloud FSM product on the market when they’re ready.”
Bob Anderson, Protean’s long-term chief executive officer, who is stepping down following the conclusion of the deal said: “I’m delighted that our business has been acquired by a company with similar focus and values to ours and I am confident that the employees and customers of Protean could not be in better hands. The combined knowledge of Joblogic and Protean creates a company unmatched in the field service management software sector globally.”