Thu, Aug 19th 2010
“It is great to work with a company who is willing to listen to its customers and develop systems to meet their needs. Performance Accelerator is not a static system, it is updated and developed to ensure it provides the latest ideas and information available” explains Linda Cottenham from Kettering General Hospital NHS Trust.
Thu, Aug 5th 2010
Sun, Jun 6th 2010
Based in the heart of the Black Country, The Dudley Group of Hospitals NHS Trust provides a wide range of medical, surgical and rehabilitation services to the people of Dudley and surrounding areas.
For more information about Dynamic Change please contact liz.jones@dynamicchange.com
Thu, May 6th 2010
Allocate Software is pleased to announce that it has agreed terms to acquire Dynamic Change Limited (“Dynamic Change”), a UK-based software-as-a-service (“SaaS”) provider of regulatory compliance, corporate governance, risk and performance management for the UK healthcare market, for up to £9.0 million over three years (the “Acquisition”), which includes £1.6 million of cash and receivables acquired with the business on completion.
Overview of Dynamic Change and the Acquisition
Commenting on the Acquisition, Ian Bowles, CEO of Allocate, said: “With this Acquisition we continue to broaden Allocate’s application portfolio for the healthcare sector which will now include regulatory compliance corporate governance, risk and performance management. We will also gain domain expertise in Software-as-a-Service. We believe this is an attractive opportunity to achieve additional visibility in our top-line growth and increase our recurring revenue base.”
Mil Milojevic and Hugh Ashley, Founders and Managing Directors of Dynamic Change, said: “The strategic fit between Allocate and Dynamic Change is excellent for both customers and staff. Regulatory compliance and business intelligence are rapidly emerging as some of the most exciting areas of the software market for healthcare and the enlarged group is well positioned to exploit this opportunity. We look forward to contributing to Allocate’s continued strong growth.”
“We are very proud of the strong relationships the team at Dynamic Change has built with customers and look forward to continuing to provide the same dedicated customer service and support that makes our service stand out.”
About Dynamic Change
Based in Keele, Staffordshire, Dynamic Change, founded in 2001 is a leading provider of regulatory compliance, corporate governance, risk and performance management for the UK healthcare market. Dynamic Change has developed the “Performance Accelerator” SaaS software platform that is used by its customers to monitor and manage regulatory compliance, corporate governance, business objectives, risks and controls, performance indicators and financial targets. The platform incorporates all applicable regulatory standards and obligations for Dynamic Change’s healthcare customers and such content is maintained by Dynamic Change on an ongoing basis.
“Performance Accelerator” is a multi-tenant, single platform accessed via a web browser and has been developed by Dynamic Change with standard Microsoft development tools, using Microsoft SQL Server.
Dynamic Change has 121 healthcare customers, which is highly complementary to Allocate’s own current installed base of over 230 healthcare customers. In the year to 31 March 2010 Dynamic Change generated total revenues of approximately £3.2 million, and achieved EBITDA of approximately £0.5 million.
Acquisition Rationale
The Board believes that an acquisition-led strategy is the most beneficial for the Company when entering the regulatory compliance, corporate governance, risk and performance management market for healthcare. Accordingly, the Board concluded that the acquisition of a local provider of governance, risk and corporate performance management software with an established and growing installed base in the UK healthcare market would be an appropriate market entry strategy.
The Acquisition is expected by the Directors to be significantly earnings enhancing in the first full financial year of ownership by Allocate. Furthermore, the Board believes that the SaaS nature of Dynamic Change’s business model, with high levels of recurring revenue, will provide the enlarged Allocate group with improved visibility on future revenues.
There are expected to be opportunities to generate incremental revenues from the penetration of Allocate’s customer base with Dynamic Change’s Performance Accelerator product. The Board believes that there is significant potential for growth within the UK healthcare market, through new customer wins as well as continuing to grow the number of users at existing customers. In addition, the Board believes there is the potential for Allocate to use its global reach to take the product, in due course, to certain international markets.
Consideration
The acquisition agreement provides for the purchase of the entire issued and to be issued share capital of Dynamic Change for up to £9.0 million over three years, with an initial consideration of £4.9 million in cash and £100,000 in shares of the Company. On this basis, cash balances and receivables of approximately £1.6 million will be acquired with the business, largely reflecting deferred income.
Deferred, contingent consideration of up to £4.0 million in cash is payable based on the financial performance of Dynamic Change for the 12 month periods ending 31 March 2011, 31 March 2012 and 31 March 2013 (the “Contingent Consideration”). No Contingent Consideration will be payable unless Dynamic Change achieves at least 15% compound annual growth in run-rate subscription revenues over run-rate subscription revenues as at 31 March 2010. Full payment of the Contingent Consideration will only be made if Dynamic Change achieves at least 25% compound annual growth in run-rate subscription revenues in the three year period to 31 March 2013.
£1.25 million of the Contingent Consideration is attributable to the financial performance of Dynamic Change in respect of the 12 month period to 31 March 2011 and £1.75 million is attributable to the financial performance of Dynamic Change in respect of the 12 month period to 31 March 2012. If the full payment of £1.25 million of the Contingent Consideration attributable to the performance in respect of the 12 month period to 31 March 2011 is not made it remains available to be paid in respect of the financial performance for the subsequent 12 month period to 31 March 2012 (but not thereafter). £1.0 million of the Contingent Consideration is attributable to the financial performance of Dynamic Change in respect of the 12 month period to 31 March 2013.
Enquiries:
Allocate Software plc
Ian Bowles – Chief Executive Officer
Chris Gale – Chief Financial Officer
Claire Parsons – Marketing Manager
Tel: +44 (0) 20 7355 5555
Hansard Communications
Justine James
Kirsty Corcoran
Tel: +44 (0) 20 7245 1100
About Allocate Software plc
Allocate Software plc is the leading workforce optimisation software applications provider for world-wide organisations with large, multi-skilled workforces. With a blue chip client base spanning the public and private sector, its key vertical markets include: Defence, Maritime, Healthcare and Government & Education.
At the core of the business is Allocate’s workforce optimisation software application, which organisations use to deploy the right people with the right skills, to the right place at the right time.
Headquartered in London, Allocate provides services and support to its increasing international customer base through regional offices in the UK, Sweden, USA, Australia and Malaysia.
Allocate is quoted on the London Stock Exchange (AIM: ALL). For further information please visit www.allocatesoftware.com.
Wed, Mar 31st 2010
Today marks the go-live of the 3rd and final stage of the MyAgenda Release on Performance Accelerator. It follows a rolling programme of new and exciting functionality over the past three months.
The NHS never stands still and neither has Performance Accelerator. Since 2004, while others have come and gone, Performance Accelerator has continually evolved to meet the health services changing needs.
So, now as the public sector begins 2010-11 facing what some are calling ‘the greatest challenge yet’ Performance Accelerator has evolved once again.
The feedback on the earlier stages of the MyAgenda Release, including the new look and feel of the user interface, has been fantastic.
Other changes include:
Of course because it is an evolution we won’t stop here, as well as the usual 13000+ updates we make through-out the year responding to regulatory change, we have more new and exciting tools and functionality planned to follow this release.
To find out more about the MyAgenda Release email myagenda@dynamicchange.com
Mon, Feb 8th 2010
Coventry Community Health Services (CCHS) join just over 20% of all other Community Health Providers in England in selecting Performance Accelerator. The whole team at Dynamic Change is thrilled to welcome CCHS to the Performance Accelerator community.
CCHS is part of NHS Coventry and provides a wide range of NHS services to the community across the city. Services include community nursing such as health visiting, district nursing and community matrons; unscheduled care including services such as GU medicine, contraceptive and sexual health services; clinical assessment services, including general medical treatment services, physiotherapy, dental services and many more.
Sarah Barnes, Standards Lead at CCHS explains, “Performance Accelerator offered the best solution for our needs by combining the governance & compliance agenda with performance in a cost effective package. In light of the CQC guidance it was important that Dynamic Change have a track record of keeping compliance frameworks up to date and relevant and that they do this without charging existing customers any additional fees.”
Rob McGovern, Account Director added, "It is great to see the number of Community Health providers using Performance Accelerator increasing, and particularly good to welcome another organisation in Coventry. Performance Accelerator proves itself time and time again to be the only software company able to respond quickly and accurately to the changing agenda, this makes us a safe choice for all community providers as they evolve over the coming months.”
Mon, Jan 25th 2010
Dynamic Change is delighted to welcome The Tavistock and Portman NHS Foundation Trust and Coventry and Warwickshire Partnership Trust to the Performance Accelerator Community.
Coventry and Warwickshire Partnership Trust provide services from over 100 sites with a budget of around £140 million. They have selected the complete Performance Accelerator solution and will use the software to manage areas such as Auditors' Local Evaluation, Targets, Hygiene Code as well as CQC Essential Standards.
The Tavistock and Portman NHS Foundation Trust was one of the Trusts 'Named and Famed' by David Nicholson and The Care Quality Commission for providing consistent high quality care. The Trust will be using Performance Accelerator to manage the Corporate risk register, Divisional risk registers, NHSLA and CQC Essential Standards.
David Price, Implementation Manager explains, "We are committed to supporting the unique needs of Mental Health, Social Care and Learning Disability Trusts by ensuring Performance Accelerator kept 100% relevant to their specific needs, and by providing opportunity for these organisations to network and share best practice. We are very proud to welcome Coventry & Warwickshire Partnership Trust and The Tavistock & Portman NHS Foundation Trust as customers"
Tue, Jan 12th 2010
Everyone at Dynamic Change was very proud when Becky, a Customer Support Analyst, received a bunch of flowers from a Foundation Trust to thank her for helping them use Performance Accelerator to get their CQC Registration prepared so easily.
It really matters to us that we make a positive difference to our customers. To achieve this we make sure we have the easiest to use and most comprehensive software that is updated with regulatory change ahead of everyone else.
However, we don’t leave it there we also ensure each of our customers has access to a named individual with in depth knowledge of regulatory developments and how best to reflect change in your organisation.
So, at a time when many Trusts and software providers are still ploughing through the CQC Registration Standards (Essential Standards) it’s great to hear about how relaxed and ready for life beyond registration our customers are.
Thu, Dec 10th 2009
Dynamic Change is thrilled to welcome 20 new customers over the last four weeks as Trusts select a stable, long-term partner to see them through registration and beyond.
Mon, Nov 16th 2009