- Finance provider CML Group (CGR) has completed the acquisition of proprietary online platform Skippr
- CML Group paid $2.25 million in cash and shares upfront, with up to $4.25 million in possible future earn-outs
- The company will leverage the Skippr platform to launch an invoice finance offering of its own
- The resulting product will be launched under a new brand in the next month
- CML Group closed 2.24 per cent in the green for $0.36 per share
Finance provider CML Group (CGR) has announced the completed acquisition of proprietary online platform Skippr.
The Skippr platform provides invoice financing solutions to small to medium-size enterprise clients. It directly accesses cloud accounting technology, such as Xero, MYOB, and QuickBooks, allowing it to seamlessly integrate with a client receivables book.
This results in transparency over new invoices, efficient approval for funding, automated payment reconciliation, and real-time oversight of account transactions.
CML first announced the acquisition of Skippr earlier this year on July 28, 2020.
In order to complete the purchase, the company paid $2.25 million in cash and shares upfront. However, there is a possible future earn-out of up to $4.25 million, if performance targets are achieved by December 2022.
With the acquisition now complete, CML will leverage the Skippr platform to launch its own invoice financing offering. The product will have streamlined onboarding, as well as a largely automated experience for clients.
So far, CML has targeted small to medium-size enterprise clients with business customers and receivables books of at least $200,000. The Skippr platform will allow the company to target and support smaller clients as they grow into larger businesses.
CML’s expanded product will be launched under a new brand, which is still in the development process. This launch should occur sometime in the next month.
CML Group closed 2.24 per cent in the green for $0.36 per share.