Software Circle acquired 95% of Artificial Intelligence Finance Ltd (AIF), a software provider for mortgage and insurance brokers. An initial payment of €4.3m was made, with additional payments contingent on performance targets. AIF, founded by Mr. Deeter in 2020, is well-recognized in the financial sector and employs 23 people. The acquisition supports Software Circle's strategy to acquire specialist software companies and is expected to increase its annual revenue to £22m. The company has positioned itself as a leading software supplier in Ireland's mortgage and insurance sectors.
We have built a profitable business and that usually isn't the case for most start-ups. However, we've successfully created valuable software for the financial services sector.
The AIF online platform was originally developed in 2006, identifying a market gap while operating my own brokerage, which laid the groundwork for the company's growth.
Acquiring AIF aligns with our strategy of purchasing recurring specialist software businesses, expected to boost our annual revenue to £22m, enhancing our market position.
The deal reflects Software Circle's focus on expanding its footprint in the financial services software sector, following successful acquisition strategies that have made us a market leader.
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