GCA Altium advises Mitrefinch on its sale to Advanced
Established in 1979, Mitrefinch provides user-friendly, cutting edge products across integrated time and attendance, payroll, HR and access control with sophisticated analytic capability. They help some 4,400 customers in over 80 countries to increase productivity, profitability and manage their workforce effectively, solving the complexities of managing time. With businesses losing an estimated GBP 80bn a year in wasted time, Mitrefinch helps organisations spend their time on what matters most. Mitrefinch has customers across all industries, including some of the UK’s largest manufacturing, transport, retail and construction organisations.
Advanced is the UK’s third largest provider of business software and services with a £254m turnover, 19,000+ customers and 2,400+ employees. The firm provides enterprise and market-focused solutions that allow its customers to reimagine what is possible, innovate in their sectors and improve the lives of millions of people in the UK. This latest deal boosts Advanced’s market share in HCM and further strengthens its offering with Cloud HR at its core by offering a complete digital HR lifecycle from recruitment to retirement and full management of the employee journey, whilst further supporting the company’s ambition to become the number one provider of business software solutions in the UK and broadening its global reach. Mitrefinch is Advanced’s second acquisition of 2020 following the acquisition of Tikit, a global legal, accounting and professional services software business in March.
Gordon Wilson, CEO of Advanced, commented: “The innovative workforce management solutions developed by Mitrefinch are an exceptional fit with our existing best of breed Cloud HR solution. We’ve seen the impact of Covid-19 change the future of workforce management and shifting workforce expectations, leaving companies facing uncertainties with regards to resourcing and staffing. Digital technology provides accuracy of data to enable rapid decision-making in shifting market conditions which is a vital tool for companies managing shift patterns and measuring critical output.”
Matt Jenkins, CEO of Mitrefinch, added: “Mitrefinch has a strong reputation for developing transformative products that help companies solve the complexities of managing time. Our solutions will integrate with Advanced’s Financial Management Systems as well as their full suite of HCM solutions, enabling businesses to accelerate technology adoption. Covid-19 has resulted in a positive shift in digital disruption in the HCM sector and we’re excited to be part of Advanced’s journey in disrupting the market further.”
Ian Kelly, Chairman of Mitrefinch, commented: “The execution speed and experience of the GCA Altium team was first class. The pace and the intensity of this transaction required an immense amount of tactical processing and planning whilst keeping an appropriate amount of focus on management advice and support throughout.”