RBS is to acquire UK accounting software vendor FreeAgent in a deal that values the firm at £53 million. More than 60,000 customers use the FreeAgent's book-keeping system.
"As part of a larger organisation we want to accelerate our growth ambitions in the micro-business and accountancy practice space, as well as significantly improve our core product," says Ed Molyneux, FreeAgent founder and CEO. "The lines between banking, accounting and tax are becoming increasingly blurred and there are new opportunities for a more integrated experience between banks and accounting software that we believe will benefit businesses." Listed on AIM last year, 23.5% of the company's shares are owned by Molyneux and partners Olly Headey and Roan Lavery, who say they will contribute their holdings into the RBS bid vehicle as a sign of their ongoing commitment.