Project Description

HMT advised Access Intelligence plc (“Access”) on the acquisition of Ether-ray Limited (“Ether-Ray”), a software business that specialises in the public sector market, for £2.4 million in cash. Convertible loan notes were issued to Unicorn VCT Plc and Elderstreet VCT Plc, a significant shareholder, raising £1.75 million to part fund the transaction.

Ether-Ray was founded by Raul Gonzalez in 1999 and is based in Old Street, London. Ether-Ray’s products are delivered via the Software-as-a-Service (“SaaS”) model with the majority of customers on six year subscription contracts, where subscriptions are paid annually in advance. Ether-Ray has approximately 188 customers, of which around 150 are on the hosted platform. Raul will stay on as a consultant for a limited period to help transition the business into the Access Intelligence group.

Ether-Ray’s MARCOMM product provides on-demand, hosted software for the corporate communications teams within the public sector. All facets of the communications function, including media and public relations, stakeholder management, internal comms, and marketing aims to increase productivity and efficiency by having easy access to the software that streamlines and simplifies the workload. Through MARCOMM users are able to capture, create, distribute and analyse all communications, driving brand recognition in the communities they serve and upholding the reputation of their organisation. In addition, Ether-Ray’s CODEX product is an online contacts database of journalists and media professionals.

Elderstreet Investment Manager Joanna Arnold commented:

“Ether-Ray is an excellent addition to the Media and Public Relations division at Access Intelligence plc; the rapidly growing innovative SaaS solutions provider. Yet again, the team at HMT provided invaluable corporate finance expertise and a thorough financial due diligence review. Thank you to the team for his unfaltering professionalism.”

Andrew Thomson commented:

“The acquisition of Ether Ray provides a number of synergies and cross selling opportunities for Access, whilst continuing the focus on SaaS. We are delighted to have acted for them and look forward to working together on future transactions.”