Marlowe PLC picks up contractor management software firm Elogbooks

On Jan 24, 2022

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The compliance and safety software specialist said the purchase will broaden its digital proposition and further embed its services with UK property managers and businesses

() has unveiled that it has acquired contractor management software firm Elogbooks for an enterprise value of up to £14.05mln.

The compliance and safety software specialist said the purchase will broaden its digital proposition and further embed its services with UK property managers and businesses. The firm added that it will also increase its software subscription revenue base and provide “strong synergies” with its risk management compliance software.

Marlowe said to fund the acquisition it is aiming to raise £35mln through a placing of new shares at a price of 478p each, equal to its closing price on Thursday. The fundraising will be conducted in an accelerated bookbuild and will begin immediately.

The company also provided an update for the year ended March 31, 2020, reporting an adjusted pre-tax profit of £13.6mln, up 52% year-on-year, while revenues rose 44% to £185.4mln with organic growth accelerating to 7% from 4.5% in 2019.

Marlowe added that its pipeline of earnings-enhancing acquisition opportunities remained “strong” and they saw “a number of well-developed opportunities” to accelerate consolidation in its markets in the near-term.

“The addition of Elogbooks will position us to offer our clients a complete technology-enabled contractor management, compliance and health & safety solution… We see considerable scope to deploy Elogbooks’ system and technology across our existing businesses to further enhance the health, safety and compliance of our customers and look forward to the attractive returns that this acquisition will generate for Marlowe’s shareholders”, said Marlowe chief executive Alex Dacre.

“Marlowe’s defensive qualities, strong channel to market, organic growth momentum and track record of accelerating growth through targeted M&A strongly position us to continue to gain further market share across all our business streams and to create sustainable shareholder value”, the CEO added.

Shares in Marlowe rose 1.5% to 485p in early afternoon trading on Friday.