Unifiedpost enters UK market with the acquisition of Prime Document

02/12/2019
La Hulpe

La Hulpe, Manchester, 2 December 2019 - Leading European FinTech firm, Unifiedpost Group, has established its presence in the UK market for the first time following its acquisition of Prime Document Ltd., a Manchester-based provider of multi-channel, transactional, document processing  services.

The purchase forms part of the Brussels headquartered firm’s ambitious buy and build strategy, through which it aims to consolidate its position as the leading e-invoicing solutions provider in Europe’s key markets. It follows a spate of acquisitions on the continent between November 2018 and April 2019, which included Baltics-based Fitek Group in March this year.

Founded in 1999, Prime Document employs a staff of 25 and specialises in printing, postage and digital transactional document processing and distribution. More specifically, it can process transactional data and convert it into records such as invoices, pay slips, tax records and statements. The current client base includes pension administration companies, building societies, car leasing companies and debt management firms. It has so far reported a turnover of £ 6 million in 2019 (fiscal year ends March 31).

With this acquisition, Prime Document will now operate under the “Unifiedpost UK” name, with the Manchester premises becoming Unifiedpost Group’s UK main office. It will also see Unifiedpost Group handle nearly 400 million corporate documents on an annual basis, mostly invoices. The group’s annual proforma turnover will attain ca. € 70 million (*).

 
"Joining forces with Unifiedpost Group, means entering an exciting new phase in the development and growth of fintech services in the UK."

Speaking of the deal with Prime Document, Hans Leybaert, CEO of Unifiedpost Group, said: ““Growth cannot be achieved by organic means alone in a rapidly changing market. Our product lines, business payment processes in particular, are ready for the future, in which new markets will grow faster. To attain the necessary scale, we are taking the takeover route. So, with the acquisition of Prime Document, Unifiedpost Group is on track to achieve its growth targets and continued expansion through 2020 and beyond.”

He continued: “Prime Document is a growing business with a clear ambition to enhance its role in the UK’s digital economy by building its capabilities in areas, such as e-invoicing, financial process automation, and electronic invoice workflow. By joining Unifiedpost Group, which brings to the market comprehensive, fully digitalised, financial and payment solutions, the company is now able to expedite these ambitions, and secure a larger share of the UK market.” 

Martin Hurley, CEO of Prime Document added: “Joining forces with Unifiedpost Group, means entering an exciting new phase in the development and growth of fintech services in the UK, particularly digital invoicing, which is already transforming business transactions at a global level. More specifically, it also enhances our product portfolio for customers with multi-channel invoicing and payment service needs.”

In a rapidly changing digital world, Unifiedpost Group‘s unique digital platform manages documents and payments with speed, efficiency and accuracy.

 
(*) Warning about future statements: The statements contained herein may contain forecasts, future expectations, opinions and other future-oriented statements concerning the expected further performance of Unifiedpost Group on the markets in which it is active. Such future-oriented statements are based on the current insights and assumptions of management concerning future events. They naturally include known and unknown risks, uncertainties and other factors, which seem justified at the time that the statements are made, but may possibly turn out to be inaccurate. The actual results, performance or events may differ essentially from the results, performance or events which are expressed or implied in such future-oriented statements. Except where required by the applicable legislation, Unifiedpost Group shall assume no obligation to update, elucidate or improve future-oriented statements in this press release in the light of new information, future events or other elements and shall not be held liable on that account. The reader is warned not to rely unduly on future-oriented statements.