Acquisition of Rockford Associates Ltd by Oxygen

TruFin is pleased to announce that its subsidiary, Oxygen Finance Group Limited ("Oxygen"), has acquired the entire issued share capital of Rockford Associates Ltd ("Rockford") for a consideration of £1.8m, payable in cash on completion, with a further £0.2m payable subject to the achievement of agreed Q4 EBITDA targets following completion (the "Acquisition"). The consideration is net of the cash acquired.

The Acquisition gives Oxygen an in-house capability to deliver overpayment audits to its clients. An overpayment audit identifies and recovers sums paid in error, including duplicate payments, VAT errors, unclaimed statement credits and fraudulent payments.

Oxygen already offers overpayment audits to many of its existing early payment clients, delivered through a third-party provider. Following the Acquisition, Rockford will provide overpayment audits both to its own client base and to Oxygen's early payment clients.

Rockford was founded in 2002 and has more than 60 active clients, with returning clients accounting for more than 80% of revenue. Its clients operate across a range of sectors, including housing, healthcare, education, local government and the private sector.

The consideration of the Acquisition has been funded from the Group's existing cash resources and is expected to be earnings accretive for the Group from its first full year of ownership.

Commenting on the acquisition, Vicki Sloane, Chief Executive of Oxygen, said: "We are delighted to welcome Rockford to Oxygen. Their experience and established client relationships complement our own and create opportunities to grow our overpayment audit business. We look forward to working with the team to help more clients recover funds and achieve greater value from their spending."