FRP Corporate Finance has advised shareholders, including private equity investor Maven, on their exit from ProspectSoft, a provider of customer relationship management (CRM) software, through its sale to The Access Group .
ProspectSoft helps wholesale, distribution, and manufacturing companies streamline their business-to-business sales processes for in-stock and physical products. Its software-as-a-service (SaaS) product is said to have seen “impressive” growth in recent years and now integrates with a number of inventory management systems around the world.
Its sale generated an initial yield of 2.0x for Maven Investor Partners, which could increase to 2.9x subject to certain conditions being met through an earn-out agreement. According to FRP, the transaction represents a partial exit from the wider ProspectSoft group. However, the Zing division, which specializes in Twilio services, is not part of the exit, and Maven investors retained their interests in Zing following a business spin-off.
The Access Group is a leading provider of business management software for small and medium sized businesses in the UK, Ireland and Asia Pacific. Following the sale, ProspectSoft will join The Access Group’s enterprise resource planning (ERP) division and strengthen the group’s offering to companies that sell, manufacture and distribute products around the world.
The transaction was led by FRP Corporate Finance partner James Mines and Principal Nick Wright, who negotiated the final agreement and managed the sale process from start to finish. The team is said to have strong SaaS credentials, having previously advised TrailApp shareholders on the sale to The Access Group, and BGF shareholders backing Abacus on the sale to Naviga Inc, over the past 12 months .
Tom Purkis, Partner at Maven, said, “The support provided by the FRP Corporate Finance team from day one and throughout the process has been exceptional and is a testament to their knowledge of the SaaS industry.
“The sale of ProspectSoft represents a good return for our investors. The company has performed well in recent years thanks to continuous investment in the product, optimization of strategy, and the hard work and dedication of the management team. We wish the company well as it embarks on the next stage of its growth journey.
James Mines, Partner at FRP Corporate Finance, added, “ProspectSoft is an excellent example of a high-growth, specialist SaaS provider bringing significant additional capabilities to an established platform such as The Access Group. We have a strong understanding of the software landscape, so we knew The Access Group was the perfect partner to take ProspectSoft on the next step in its growth journey and support its global expansion.
“This is a really exciting deal for the SaaS industry in the UK, and we are proud to have supported the Maven shareholders and team in making their investment happen. We wish the ProspectSoft team continued success in their new home.
Andy Ardron, Founder and CEO of ProspectSoft, concluded, “James and Nick of FRP Corporate Finance were extremely helpful in securing the deal, keeping things on track and negotiating those inevitable last minute hurdles during due diligence. . The project would have taken much more effort, for less value without their support.