Software Circle PLC (AIM:SFT) has acquired around 95% of Artificial Intelligence Finance Limited (AIF), Ireland’s top software supplier for mortgage and insurance brokers, for up to €9 million.
The deal, settled in cash, is expected to be cash flow positive and earnings enhancing in its first year. An initial payment of €4.33 million was made, with further payments contingent on future financial performance and full ownership targeted by 2027.
AIF, led by founder Karl Deeter, will continue operations with its current team. AIF’s software serves leading brokers and integrates with major financial institutions, supporting continued growth.
Software Circle’s CEO, Gavin Cockerill, said the move fits the firm’s strategy of acquiring high-recurring, specialist software businesses. With this deal, annualised group revenue is expected to reach £22 million.