07 Oct 2014
Recruitment testing and online training specialist ISV Software has been sold to Dillistone Group Plc the UK listed parent of recruitment software suppliers Dillistone Systems, Voyager Software and FCP Internet.
ISV Software is the leading supplier of skills testing software and services to the UK recruitment industry. Used by 9 of the top 10 UK agencies by number of offices, ISV’s FastPath testing product allows agencies to validate the skills of potential candidates across a wide range of areas. It has developed over 200 tests, covering General Secretarial and Office Support, Administrative skills, Call Centre operators, Drivers, IT and Technology, Foreign language speakers and Accountancy. Over 600,000 tests were taken with its software last year.
Dillistone Group Plc is a leading global provider of software and services that enable recruitment firms and in-house recruiters to better manage their selection process and address the training needs of individuals. ISV Software is a natural extension of Dillistone Group, which serves over 2,000 clients in more than 60 countries.
Laurie Dobson, departing CEO and former majority owner of ISV Software, said: “Over the years, I have received a number of approaches from potential buyers, and deciding to sell ISV was not a decision I took lightly. I am delighted the company has been acquired by Dillistone Group. We have similar values, and the plan is to invest in and continue to grow ISV. I am leaving behind a strong management team, a great workforce and excellent client relationships, so the future is in good hands.”
Managing Director of ISV Amanda Davies added: “This is a very exciting time for ISV Software. The company and brand are already well-established and respected in the recruitment industry, and we’re now joining forces with one of the largest suppliers to the global recruitment sector. The acquisition creates fantastic opportunities for product development, our business growth and our team.”
”We are delighted to be welcoming the ISV Team to our Group. They bring a terrific product, a great team and an impressive portfolio of clients, and we believe that they will go from strength to strength with the added resources that our Group can offer them,” commented Jason Starr, Group Chief Executive of Dillistone Group Plc.
ISV will continue to operate as a separate business, supplying online testing and training to recruitment, HR and talent teams globally.
ICON Corporate Finance advised the shareholders of ISV Software on the exit. Brian Parker Head of M&A at ICON commented “Acquirers were attracted by the SaaS type revenue stream that ISV has with over 70% of its revenue being recurrent. We targeted UK and overseas acquirers that would have the bandwidth of client relationships to accelerate its growth. Dillistone were an ideal acquirer with exceptional industry contacts and offered an attractive deal for ISV shareholders at a potential valuation of over 3x revenue”.