CogitalGroup, the international business services group backed by Hg, provides an update on financial performance and announces two new acquisitions.
- Rapid organic and acquisition led growth since launch; over 58,000 clients, and 4600 employees operating from 137 offices in seven countries
- Annual proforma revenues of £301 million to 30 June 2017
- Proforma profit before interest, tax and depreciation of £50m
- Entry into the Scottish market with the acquisitions of Campbell Dallas and Springfords
CogitalGroup was launched in December 2016 through the acquisitions and merger of Nordic based Azets (formerly named Visma BPO) and UK based firms Baldwins and Blick Rothenberg. The Group’s focus is the provision of critical business support, BPO and advisory services to the entrepreneurial and private company business segments together with their owners and managers.
As a result of strong organic and acquisition led growth during 2017, CogitalGroup now serves 58,000 clients with more than 4000 employees operating from 132 offices in the UK, Norway, Sweden, Denmark and Finland. The Group also has 600 employees based in four highly cost efficient operating and processing centres in Romania and in software development centres in Lithuania and Romania.
The Group is performing strongly. In the year to 30 June 2017, proforma revenues were £301m with £91m generated from the UK businesses and £210m in the Nordic markets. Proforma profit before interest, tax and depreciation was £50m.
CogitalGroup is also pleased to announce its largest acquisitions since the December 2016 launch. The Group’s UK regional business, Baldwins, is entering the Scottish market with the acquisition of two businesses, Campbell Dallas and Springfords. Campbell Dallas is headquartered in Glasgow, with offices in Aberdeen, Kilmarnock, Perth and Stirling. Springfords is based in Edinburgh, with offices in Livingston and Falkirk. These acquisitions add £20m to revenues and 300 staff to CogitalGroup and provide a platform for the development of the Group’s business in Scotland.
John Connolly, Executive Chairman, commented:
“CogitalGroup’s strategic goal is to become a leading technology driven, international business services group. In our first year we have made excellent progress towards achieving this through both organic and acquisition led growth, delivering significant revenue and strong margins. We look forward to building on this early success, with the support of our clients and outstanding people delivering exceptional service to these clients.
“Our acquisitions in Scotland are an exciting development providing our Baldwins division with significant growth opportunities in a new market. I’m delighted to welcome 300 new colleagues to our team”.