Irish fintech Glantus acquires Technology Insight for up to $9.3m

16 Jul 2021

From left: Karl Andersson, Technology Insight and Maurice Healy, Glantus. Image: Glantus

The move marks the financial technology company’s further expansion in the US market and is its first acquisition since it went public.

Glantus has acquired US-based software company Technology Insight for $9.3m.

Technology Insight brings to Glantus a customer base of 35 global companies, some of which include Fortune 500 and 1000 companies such as SAP, Oracle and PeopleSoft.

Glantus, which went public in London in May, is an enterprise software provider specialising in automation and analytics for the accounts payable market.

Headquartered in Massachusetts, Technology Insight provides web-based tools and reports to help customers perform comprehensive operational analysis and duplicate payment identification.

The acquisition marks the Irish fintech’s expansion in the US market and is its first acquisition since it went public. The move is expected to increase its earnings per share.

In May, the company debuted on the London Stock Exchange’s AIM market with an IPO of £1.02 per share. At the time, the company’s market cap was approximately £37m.

“Our goal is to become a leader in AP technology through a mix of strong organic growth and acquisition, and the addition of TIC is another key step in that exciting process,” said Glantus CEO and founder Maurice Healy.

Karl Andersson, CEO and founder of Technology Insight, said the company recognises that customers are increasingly looking for automation and AI to increase business efficiency.

Andersson, who will become the senior vice-president of acquisitions and development, said: “With Glantus, we now have the advanced technology platform and the team behind us to delivers additional services to our customers.”

Glantus is headquartered in Dublin and has offices in London and California. It announced earlier this year that it is establishing a new base in Northern Ireland, and it has been growing its international presence in recent years with acquisitions in the US and the UK.

It has two principal operational divisions covering EMEA and the US, and its tech is used by more than 300 customers including Diageo and Abbott.

In 2020, the company’s revenue grew by more than 150pc year-on-year to €8.5m.

Vish Gain is a journalist with Silicon Republic