LONDON, UK: Elixirr International plc (AIM:ELIX) introduced the acquisition of the entire issued share capital of technology and data firm, iOLAP Incorporated for a most total consideration payable of US$40.0 million.
Elixirr’s Board’s current expectation is that full year FY22 income will be inside the vary of £70 million – £75 million with an Adjusted EBITDA margin inside the vary of 27-28%.
iOLAP is a US-headquartered technology services agency with 239 full-time employees specialising in provision of end-to-end data and superior analytics services. This is Elixirr’s third acquisition since IPO in July 2020 and the primary inside the USA, marking one other step ahead inside the Group’s growth strategy.
The enterprise being acquired recorded income in 2021 of US$22.3 million (£16.9 million), normalised adjusted EBITDA of US$4.2 million (£3.2 million) and normalised revenue earlier than tax of US$3.8 million (£2.9 million).
The acquisition brings specialist data and analytics capabilities, collectively with synthetic intelligence (AI) and machine studying (ML), into Elixirr the place there is existing demand for these services.
This will allow Elixirr to form even stronger and longer-term relationships with its existing clients as they work collectively on their hardest enterprise challenges.
iOLAP generated 94% of its 2021 income from US clients with a similar profile anticipated this year, leading to a significant expansion of Elixirr’s US footprint, and delivers work with groups inside the US and Europe.
The data consulting market is forecast to develop by 32% a year on common to US$4.2 billion by 20261, meaning this Acquisition positions Elixirr to maximise its share of that opportunity.
iOLAP has a really strong reputation inside the market – it outperformed competitors in 93% of the classes measured and scored by their clients throughout due diligence, with its main strengths attributed to technical functionality and ability to ship proactive insights throughout client engagements.
Elixirr has already labored alongside iOLAP on a number of client engagements over the previous six months, validating the forthcoming success of this partnership. iOLAP has labored with each Elixirr consulting clients in addition to clients of the opposite manufacturers inside the Group. Likewise, Elixirr has sold its different manufacturers into current iOLAP clients. It is a confirmed relationship the place the Group is especially excited by the cross-selling opportunity.
Founder & CEO of Elixirr, Stephen Newton said: “I’m delighted to welcome iOLAP because the newest addition to Elixirr, one of many most significant growth milestones in our firm’s history.
As organisations proceed to embark on digital transformation and function in an more and more customer-centric world, it’s essential for enterprise leaders to place data on the coronary heart of their technique so as to remain ahead. iOLAP’s providing on this space, mixed with the scale at which they function in each the US and European markets makes this acquisition extremely exciting.
Combining iOLAP’s expertise in data and analytics with Elixirr’s deep strategic and enterprise consulting expertise will guarantee we proceed to remain on the coronary heart of key boardroom challenges. In iOLAP we see a group of culturally aligned entrepreneurs, who’re pushed by mental curiosity and a desire to solve issues for his or her clients and I truly believe that our mixed proposition offers one thing distinctive inside the market.
I can’t wait to see what the future holds for Elixirr with the addition of iOLAP, as we proceed in our quest to truly redefine our industry and be the best consulting agency inside the world.
CEO of iOLAP, Chris Jordan said: “After rising considerably over the final few years, we were looking for a mannequin to make sure we maintain momentum and Elixirr is the perfect partner for this. Combining our technical expertise with Elixirr’s strategic competencies permits us to fulfill greater calls for from our existing and future client bases, and the respective client bases our companies maintain in different geographies current significant growth opportunities.
We have already confirmed the energy of our partnership, having labored collectively on a number of client projects over the final six months, and it’s clear that there’s an urge for food from our clients for a mixed proposition. Joining Elixirr will additionally current alternatives for our employees to additional develop their careers and tackle extra of an proprietor mentality, through the various fairness incentive schemes that the agency has in place”.
Elixirr is a longtime global award-winning administration consultancy, difficult the bigger consultancies by delivering innovative and bespoke options to a repeat, globally-recognised client base.
www.elixirr.com