GetBusy is a small AIM-listed software company. Its US tax-document business, SmartVault, is now growing about 20% a year, while its older UK business, Wórkiro and Virtual Cabinet, has only just returned to growth. For years the group grew in single digits and made little money. Since late 2025 SmartVault has sped up, but the group still leans on a bank facility, and its adjusted EBITDA (operating profit before depreciation and similar charges) was £0.6m in the first half of 2026.
Document software for accountants and tax firms
GetBusy sells software that stores, shares and signs documents for professionals, mainly accountants. It has more than 60,000 paying users and holds over 1.3 billion documents. Nearly all revenue is recurring subscriptions, which the company tracks as ARR (annual recurring revenue, the yearly run-rate). Group ARR was £24.0m at 30 June 2026.
SmartVault is the US half. It serves about 7,000 firms and 31,000 tax professionals and holds over 650 million client documents. It plugs into the main US tax-preparation programs: Intuit ProConnect, Lacerte and ProSeries, plus Thomson Reuters UltraTax, CCH and Drake. Its ARR is $19.1m. The UK, Australia and New Zealand half is Wórkiro, built on the older Virtual Cabinet product. It has ARR of £9.7m. It sells to professional-services firms and, through integrations, to users of cloud ERP systems such as Oracle's NetSuite (ERP means company-wide business software). 7 Sep 2026 24 Mar 2026 9 Sep 2025
Steady growth, then a slow stretch (2023–2024)
In 2023 group ARR grew 10% at constant currency (stripping out exchange-rate moves) to £20.5m. In 2021 the company had set an ambition to at least double ARR within five years, and in March 2024 it said this was on track. Later reports do not repeat it, and the company has not given the 2021 starting figure.
Growth slowed in 2024, to 5% in the first half. Half-year results in September 2024 showed only a modest narrowing of the adjusted loss. The shares fell from 69.5p at the end of August to 52p at the end of September, and the company has not said why. In April 2024 it bought SmartPath, a small US pricing tool, for $250,000 upfront and up to $2m more later. The year still brought the first break-even at adjusted profit before tax and a 43% rise in adjusted EBITDA to £1.5m. 26 Mar 2024 4 Apr 2024 3 Sep 2024 25 Mar 2025
Betting on Intuit, Thomson Reuters and AI (2025)
In January 2025 GetBusy announced it would integrate SmartVault with Intuit's ProConnect tax software. A second opening came from Thomson Reuters, which will retire its FileCabinet CS document system in 2027. SmartVault is the only third-party document system integrated with UltraTax. Management also built an AI feature, SmartRequestAI, which collects client documents and data for tax returns.
In September 2025 it said SmartVault ARR growth would accelerate to between 14% and 18% in 2025 and group constant-currency ARR growth would reach 7–10%. The outcomes fell inside both ranges: SmartVault grew 16% and the group 8%. The ProConnect launch slipped from early H2 to early Q4 and went live on 15 October 2025. The cost was visible: adjusted EBITDA fell from £1.5m to £0.3m, which the company tied to AI investment and performance incentives. The shares rose from 50p in July to 82.5p in October. 9 Jan 2025 20 May 2025 9 Sep 2025 15 Oct 2025 21 Jan 2026 24 Mar 2026
Wórkiro changes aim and stalls
Wórkiro was first pitched at the ERP market, where sales cycles were long and new business erratic. In September 2025 management said new business and migrations of Virtual Cabinet customers would offset churn by the end of 2025. Instead divisional ARR slipped from £9.6m at mid-2025 to £9.3m at year-end. Management refocused on professional-services firms and aimed for a return to growth in 2026.
In the first half of 2026 ARR rose 4% since the start of the year to £9.7m, but only 1% year on year. The company said Wórkiro's new business was up 115% year on year and that 41 Virtual Cabinet customers had moved across. 9 Sep 2025 24 Mar 2026 7 Sep 2026
What explains the record
One cause stands out: GetBusy's growth came from getting its software built into other companies' products. Intuit and Thomson Reuters supply the customers and the deadline, and the ProConnect integration and the FileCabinet CS shutdown drove the 2025–26 acceleration. The company also chose to focus on the core tax-preparation market, where churn is low, and let weaker non-core markets shrink.
The second cause is the legacy UK product. Virtual Cabinet customers had made contract decisions years earlier and kept leaving, so Wórkiro's early growth targets were missed. Currency also matters: in 2025 the company reported a £0.6m currency headwind by April, and reported ARR growth was 5% against 8% at constant currency. 9 Sep 2025 24 Mar 2026 7 Sep 2026 20 May 2025
Same chief executive, tighter focus, new chair
Daniel Rabie is chief executive, and the strategy has stayed the same since 2024: take cash from SmartVault and build Wórkiro for the long term. In July 2026 Dr Miles Jakeman stepped down as chairman after nine years, and Paul Huberman succeeded him. Management has promised material cash returns to shareholders in the medium term since March 2024 and repeated this in July 2026. It has never given an amount or a date.
The record on near-term guidance is mixed. The 2025 SmartVault and group growth ranges were met, but the ProConnect launch was late and the Wórkiro offset target was missed. Insider dealing records show share purchases in 2024–26, including two by people closely associated with the CEO in October 2025. They also show sales around the 2025 rally, and BGF cut its holding from 14.7% to 10.1% on 7 October 2025. 17 Jul 2026 25 Mar 2025 4 Apr 2024 9 Sep 2025 24 Mar 2026 7 Oct 2025
Faster growth, thin cash
First-half 2026 group ARR grew 12% at constant currency to £24.0m, with SmartVault up 22%. SmartVault's new business rose 19%, with UltraTax customers up 52%. Its core-market churn was 0.8% a month, and its EBITDA margin rose to 16% from 9%. Group gross margin slipped to 85.8% from 87.5%, and adjusted EBITDA was £0.6m.
The balance sheet is not cash-rich. Net bank debt was £0.7m, with £2.3m of available cash funds. The £3m revolving credit facility (a drawable bank line) runs to December 2028 and £2.2m was drawn. Management says the first half is normally cash-absorbing, because customer renewals are paid mainly in Q4.
The shares closed September 2026 at 84p. The latest close, on 19 October 2026, was 79p. Liontrust disclosed a 5.6% holding in September 2026, and River Global had sold out. 7 Sep 2026 16 Sep 2026
What the company expects, and what could go wrong
On 7 September 2026 management guided to SmartVault ARR growth of around 20% for 2026, with more upside from a second season of SmartRequestAI. It also guided to a SmartVault EBITDA margin heading towards 20% in 2026, with further significant enhancement in 2027. SmartProposal, a new tool for client engagement, pricing and payment, is due in Q4 2026. The Thomson Reuters FileCabinet CS shutdown comes in 2027. The company expects Wórkiro to build on its return to growth and says group ARR will come in ahead of market expectations in 2026 and 2027.
The open questions are plain. Management warns that Virtual Cabinet churn could stay volatile in the second half, and cash is seasonal. Whether SmartVault's higher margin turns into cash fast enough to cover the debt and then fund a return to shareholders is not yet shown. Any shareholder return is still undated. 7 Sep 2026 13 May 2026 17 Jul 2026
“Enhanced growth within SmartVault will drive Group ARR ahead of market expectations in 2026 and 2027.” 7 Sep 2026
Written by AI from Getbusy's own announcements since Oct 2023 · every paragraph links to its sources