Software Solutions Partners considers float after encouraging results
Software Solutions Partners (SSP) is considering a flotation on the Alternative Investment Market (AIM) towards the end of this year. It is also considering a major acquisition drive.
Commenting on both the float and acquisitions, SSP marketing director Nick Southan said: "We are in discussions with our financial advisers."
SSP said its good results had put it into a good position for a float. Though it was too early to tell how much the float would cost.
Southan said: "We also want to expand and are currently looking at acquiring two to three businesses that are UK-based. But that is not to say that we won't look at the European markets too."
SSP said the idea of floating had been spurred on by its results. It attributed its good results to recurring revenues, longer-term models, retention of customers and the success of its Electra M3 product.
Unaudited accounts for the year ended 31 March 2004 saw SSP with a pre-tax operating profit of £5m.
This comes in spite of the company spending over £2m on improving its products, including its new Insight product.
Insight was obtained when SSP completed its acquisition of Dublin-based counterpart Bitsys for an undisclosed sum this month. Bitsys will now trade as SSP, but its Insight product will retain the name of Bitsys-Insight.
The Bitsys-Insight system currently provides rates from major insurers like Allianz and AXA, enabling brokers to trade electronically through the Polaris motor rating engine.