Advanced announced that it has acquired Tikit, a global legal, accounting and professional services software business, from BT Group plc. This is the company’s fifth acquisition in twelve months – and it reinforces Advanced’s ambition to become the number one provider of business software solutions in the UK whilst simultaneously extending its global footprint.
Tikit is a British-headquartered business that focuses its solutions around four key business challenges for professional services firms: Practice and Case Management; Time and Billing; Document Lifecycle; and Marketing and Business Development. Across each of these areas, Tikit provides a connected environment comprising its proprietary software complemented by applications from long-standing partners, to create integrated and specialised solutions.
Tikit broadens the market opportunity for Advanced solutions to include the top 100 to 200 UK law firms, being complementary to Advanced’s existing presence within small to medium sized firms. It also expands Advanced’s operations in North America, Australia and EMEA.
This marks Advanced’s first sizeable acquisition since August 2019, when the Company received an investment from funds advised by BC Partners, with Vista Equity Partners continuing as an investor. This investment is already underpinning the delivery of Advanced’s growth plans by further supporting acquisitions and product innovation. It follows the strategic acquisition of CareWorks in November 2019.
“The professional services sector, in particular the legal market, is a strategic growth priority for us,” comments Gordon Wilson, CEO of Advanced. “This sector is an increasingly enthusiastic adopter of sophisticated technology and we have worked hard to innovate and develop valuable solutions that they require.
“This acquisition will enhance our ability to provide innovative and specialist software solutions to meet clients’ needs – now and into the future. Tikit has a strong and growing customer base and is highly complementary to us, so we are thrilled to add its technology and people to the growing Advanced family.”
The divestment of Tikit aligns with BT’s ongoing transformation programme and strategy of focusing on converged connectivity and services, with further investments in both its fixed and mobile networks such as full fibre and 5G.
Gerry McQuade, CEO of BT’s Enterprise unit, said: “With BT’s renewed focus on investing in our core business, the time is right for a new owner to maximise Tikit’s full potential. Our colleagues at Tikit have been a valued part of BT for the past seven years and I wish them every success for the future within Advanced. Today’s announcement is the next exciting chapter for Tikit, which is poised for further growth as part of Advanced given its extensive industry expertise and scale across enterprise software.”
Simon Hill, CEO of Tikit, said: “We are excited to see Tikit enter a new phase as part of the Advanced family. As part of Advanced, Tikit will have access to software and development expertise together with extensive industry knowledge, taking the business to a new level of growth. The breadth of products and expertise that Advanced brings will provide a great opportunity for Tikit customers to gain access to a wider range of specialist technology, helping them to unlock their business potential.”
Source: https://newsroom.bt.com/advanced-acquires-tikit-from-bt-group-plc/