Based in Basel, CYCL is the leading intranet software provider with over CHF 9.5m in revenues. The company has been acquired by the New York-based software company, LiveTiles. The purchase price includes an upfront payment of AUD 19.0m (CHF12.9m). Additional earn-out consideration is capped at AUD 13.2m (CHF9m).
Founded in 1999, CYCL builds and commercialises intranet software products – Condense and MatchPoint. Condense product is a mobile-focused cloud SaaS product enabling organisations to rapidly configure and launch a ‘pocket intranet’ while MatchPoint is aimed at enterprise-wide deployments, with particular strength in financial services and the public sector.
With the headquarters in Based and offices in Zurich, Bern and Boston, the company serves 156 customers including many global brands and multinationals such as PwC, Roche, Shell, Siemens, SwissLife and the United Nations. These have contributed to a total revenue of CHF9.5 million and annualised recurring revenue (ARR) of more than CHF3 million as of 30 September 2019. Besides growing its customer base, increasing market presence and revenues CYCL has also grown its team and partners. Its team comprises of 56 staff and has 10 active reseller partners.
At the peak of its success, the startup has now bid fair well to CYCL following the acquisition by LiveTiles, a global software company based in New York. LiveTiles offers intelligent workplace software for the commercial, government and education markets and empowers its users to create their own intelligent workplace experiences. The acquisition will enable LiveTiles to combine capabilities of CYCL’s MatchPoint product with its products LiveTiles and Wizdom to create an enhanced Intelligent Workplace offering which will open up greater enterprise opportunities. Low-touch, mobile-focused product (Condense) expands LiveTiles’ addressable market through targeting organisations with large front-line (deskless) workforces
As stated in the terms of the agreement, the purchase price comprises an upfront component of CHF12.9 million (19 million Australian dollar which includes $6.3m cash and $12.6m stock with two earn-outs of up to CHF9.0 million ($13.2 million which includes 25% cash and 75% shares).
CYCL Chief Executive Officer, Patrick Pűntener, said: “We are genuinely excited to be joining the LiveTiles team. We are fully aligned with LiveTiles’ Intelligent Workplace vision and we look forward to realising the substantial opportunity to accelerate growth as we combine our products, teams and sales channels.”
(Press release / RAN)
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