RBS has announced its intention to acquire our client FreeAgent for £53m. This is the first time since the 2008 crisis that RBS acquires a business.
Quoted on AIM since November 2016 FreeAgent is a provider of cloud-based Software-as-a-Service (“SaaS”) accounting software solutions and mobile applications designed specifically for UK micro-businesses and their accountants. With its easy-to-use, intuitive software, FreeAgent’s offering streamlines financial management, bringing together a range of functionality from invoice and expense management to VAT and payroll.
RBS and FreeAgent already have an existing commercial partnership, which, following a successful pilot, has seen expanding customer numbers. RBS offers FreeAgent’s accounting software to its business banking customers and, following a rollout in the fourth quarter of 2017, more than 10,000 RBS customers are already signed up to use the FreeAgent solution.
RBS intends to operate FreeAgent as an operationally independent member of the RBS Group, retaining FreeAgent’s existing management team and maintaining its current Edinburgh location.
FreeAgent’s capabilities will be offered to RBS’s existing and new business banking customers and, as is already the case, by FreeAgent to both existing and new direct customers and accountancy practices.
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