AITrackrecord bought by Track Record Holdings Limited
Access Intelligence, a listed supplier of software-as-a-service for reputation and operational risk management, has agreed to sell its subsidiary AITrackRecord to TrackRecord Holdings –a newly formed company founded by David McNair Scott, current chief executive of TrackRecord.
AITrackRecord provides a powerful complete solution for training, competence and compliance management, designed specifically for the highly regulated UK financial services industry.
York-headquartered Access Intelligence has entered into an agreement with TrackRecord whereby Access Intelligence will receive 20 per cent of the share capital of TrackRecord and a deferred cash payment of approximately £100,000, payable when a similar amount is received by AITR from HMRC as a R&D tax credit for AITR’s business in the pre-acquisition period.
Joanna Arnold will also be joining the board of TrackRecord as a non-executive director and the group’s representative.
TrackRecord recently received £2.1m in cash in return for 80 per cent of the equity in the business, therefore the value of Access Intelligence’s 20 per cent stake is approximately £500,000.
Joanna Arnold, chief executive of Access Intelligence, said: “I am delighted that we have been able to secure a significant investment into TrackRecord via this new venture in return for reducing ourselves to a minority holding of 20 per cent. We believe that with the new money coming into TrackRecord, the business now has the capital to expand and we are pleased to be part of the process.”
David McNair Scott, chief executive of TrackRecord, added “I am excited to be taking on the AITrackRecord business in partnership with Access Intelligence. We are well positioned to take advantage of the burgeoning market opportunity and have a unique capability to help our customers through this period of change driven by the UK’s regulatory mandate.”