Advanced acquires Tikit from BT Group
Written by Peter Walker
Advanced has acquired Tikit, a global legal, accounting and professional services software business, from BT Group.
This is the company’s fifth acquisition in 12 months and reinforces its ambition to become the leading provider of business software solutions in the UK, while simultaneously extending its global footprint.
Tikit is a UK-headquartered business that provides solutions around four key business challenges for professional services firms: practice and case management; time and billing; document lifecycle; and marketing and business development. Across each of these areas, Tikit provides a connected environment comprising its proprietary software with applications from long-standing partners.
Tikit broadens the market opportunity for Advanced solutions to include the top 100 to 200 UK law firms, adding to its existing presence within small to medium sized firms. It also expands Advanced’s operations in North America, Australia, Europe and the Middle East.
This deal is Advanced’s first sizeable acquisition since August 2019, when the company received an investment from funds advised by BC Partners, with Vista Equity Partners continuing as an investor. It follows the strategic acquisition of CareWorks in November 2019.
“The professional services sector, in particular the legal market, is a strategic growth priority for us,” commented chief executive Gordon Wilson. “This sector is an increasingly enthusiastic adopter of sophisticated technology and we have worked hard to innovate and develop valuable solutions that they require.
“Tikit has a strong and growing customer base and is highly complementary to us, so we are thrilled to add its technology and people to the growing Advanced family,” he added.
The divestment of Tikit aligns with BT’s ongoing transformation programme and strategy of focusing on converged connectivity and services, with further investments in both its fixed and mobile networks such as full fibre and 5G.
Gerry McQuade, chief executive of BT’s Enterprise unit, said: “With BT’s renewed focus on investing in our core business, the time is right for a new owner to maximise Tikit’s full potential.”
Tikit chief executive Simon Hill added: “As part of Advanced, Tikit will have access to software and development expertise together with extensive industry knowledge, taking the business to a new level of growth.”