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Acquirer profileUnited Kingdom
Who is Software Circle?
Software Circle is a serial acquirer based in the United Kingdom.
Firm facts
Software Circle
- Type
- serial acquirer
- Headquarters
- United Kingdom
- Website
- softwarecircle.com
Industries
Last verified 2026-09-25
How they work
Software Circle is an AIM-listed acquirer and operator of vertical-market software businesses in the UK and Ireland. Formerly Grafenia, it provides a permanent home for acquired businesses, which retain their names, teams and day-to-day operating autonomy. Its businesses serve markets including financial services, education, care, property, graphics and ecommerce.
Owners start by sharing a business summary or website link, followed by an introductory call about the business and its plans. Software Circle offers to sign an NDA before that discussion if requested. Acquisition proposals are reviewed against investment guardrails; exceptions require board approval.
- Sector focus
- B2B vertical-market software for specialised customer groups, particularly mission-critical systems embedded in regulated or specialist workflows.
- Geography
- United Kingdom and Ireland.
- Ownership
- Decentralised ownership: acquired businesses retain their names, teams and operating identities, with capital and support from the group.
- Majority or minority
- Whole-company acquisitions: the 2026 report lists wholly owned subsidiaries and records purchases of the entire share capital of its two latest acquisitions.
- Target ARR
- At least £500,000 of recurring revenue per annum, with a majority of revenue recurring, under the 2026 acquisition guardrails.
- Target EBITDA
- Historically profitable, with stable or growing adjusted EBITDA over the previous three years; no minimum EBITDA amount is stated.
- Enterprise value
- Valuation multiple up to 7× adjusted EBITDA under the 2026 acquisition guardrails; no absolute enterprise-value range is stated.
- Capital model
- AIM-listed operating group that reinvests cash generated by its businesses and uses debt to finance acquisitions.
- Hold period
- Permanent ownership: its stated model is to acquire and retain businesses rather than sell them.
- Founder ownership
- Seeks founder-led software businesses; its permanent-home model retains each business’s identity and operating autonomy.
Their portfolio
Company
Sector
What they do
- SectorEducationWhat they doArc Technology provides administrative software for universities and colleges running practice-based courses. Its tools coordinate student placements and related administration.
- SectorFinancial servicesWhat they dobethebrand provides marketing workflow, digital asset management and compliance software for financial-services firms. Its tools manage content reviews, approvals and audit records.
- SectorFinancial servicesWhat they doBroker Information Services provides client-management, quotation and product-research software for financial brokers in Ireland. Its platform includes document storage, mortgage quotes and reporting.
- SectorHealthcareWhat they doCareDocs provides digital care-planning and management software for residential care and nursing homes. It supports care records, medication information, reporting and daily care delivery.
- SectorSoftware & IT servicesWhat they doLink Maker operates an online adoption and fostering platform for UK children’s social-care organisations. It connects local authorities, adoption agencies and care providers to widen placement options.
- SectorMedia & telecomWhat they doNettl Systems provides software and online platforms for design studios, print shops and signage companies. Its brands support design, ordering, job management, ecommerce storefronts and production outsourcing.
- SectorFinancial servicesWhat they doOnline Application provides software for mortgage and insurance brokers, lenders and insurers in Ireland. Its products support applications, client relationships and regulated financial workflows.
- SectorReal-estate servicesWhat they doTopfloor provides cloud software for block and lettings management. Its products support property accounts, tenant communications, maintenance and the administration of rental properties.
- SectorEducationWhat they doTotal Drive provides a business-management app for driving instructors and driving schools. It manages lessons, diaries, learner progress, payments, reminders and driving-test dates.
- SectorConsumer & retailWhat they doVertical Plus provides ecommerce and inventory-management software for retailers with large product ranges. Its platform combines online storefronts, stock control and fulfilment workflows with optimisation support.
- SectorSoftware & IT servicesWhat they doWatermark provides cloud and office-based document-management software. Its products support scanning, storage, search, access controls and record management for businesses including financial, legal and healthcare organisations.
All 11 tracked holdings shown
Sources
- softwarecircle.com · portfolio page
- softwarecircle.com · website
- softwarecircle.com · research
- softwarecircle.com · research
The truth, first.Data as at 2026-09-25