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| Suspects, there were many |
After a few rumours that have been circulating since their Yuneo solution had its plug pulled, back last year, one of the well known #socialhousing solution providers has now changed hands. In the end it wasn't MRI , SAP or dinosaur system slayer Simon Reay, with the deep pockets. Aareal Bank and Advent International, are to sell Aareon (mainly) to TPG for approximately € 3.9 billion, so quite a payday for a few directors one would expect. Canadian investment outfit CDPQ are a minor investor too. Closing of this deal is expected to take place in the second half of this year (2024), subject to the usual customary closing competition conditions and approvals.
It should be noted that Texas Pacific Group (TPG Capital) are not a big software house (like MRI), they are investors.
So that includes Aareon UK, home to product such as QLX, QLF, Arthur, 1st Touch mobile (now “Digital Solutions by Aareon”), Fixflo etc. Many sites & some councils will have one or more of these solutions, which were big sellers in many procurements for some years prior to 2020. Products in the marketplace have moved on significantly though and some of the new entrants are snapping away successfully at the smaller Aareon sites. In the medium to large provider space, many are looking now to native browser and Cloud solutions, Salesforce, D365 etc, that still retain convenient and secure access to data.
The press release talks lots about ‘innovation for customers in the European housing ecosystem’ & ‘on a path of sustainable growth with exciting opportunities ahead for all stakeholders’. That’s got a feel for me of potential exciting dividends for stakeholders, it will be interesting to see how Aareon customers react to this development, if support and other costs rise, service delivered improves or goes backwards for UK housing associations, charities and councils.
Aareon staff have clearly been briefed to talk up the possibility of going ‘into an optimistic growth phase’. Its hard to work out how that might be achieved via sales with potentially sub-optimal product, based on the recent few years. Maybe some bargains may be trotted out here, or LinkedIn will flag up more royal staff, looking for other situations vacant. If I were TPG, I would be looking for decent returns within three years. Investors are brutal, that’s why they are successful.
Here is the standard press release I saw here from Business Insider
If you are a contact with one or more of these products currently, feel free to get in touch to chat or maybe explore future options.
Related Post: How can the right Critical Friend guide your RSL to a new system?
I would be pleased to connect with you on LinkedIn - http://uk.linkedin.com/in/tonysmiththathousingitguy Message me with any issues or queries, you would like to be explored in this blog. We generally receive a couple of suggestions each month.
The Replacements - I Bought A Headache.
(c) Tony Smith, Acutance Consulting www.acutanceconsulting.co.uk 07854-655009
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