Haydale has announced that it has completed the previously-reported acquisition of Intelligent Resource Management Limited (trading as SaveMoneyCutCarbon or "SMCC").
Haydale has confirmed that all conditions to completion have now been satisfied, including the associated fundraising (in which gross proceeds of approximately £5.75 million were raised), shareholder approvals and admissions of new shares. SMCC is now fully part of the Haydale Group.
Subscriptions were made by an array of investors including Haydale's existing key strategic investor Quidos Technologies Limited (which is owned by the CEO, Simon Turek, and long-time strategic investor Nick Pritchard), SMCC's existing key strategic investor Barclays, tax efficient EIS investors as well as Mark Sait, Chief Commercial Officer of the enlarged Group and CEO of SMCC, and Theresa Wallis, Non-Executive Director.
Integration of SMCC into the Group is now underway. SMCC will continue to operate its successful Impact Partner Programme and client services, now supported by Haydale's technology portfolio and balance sheet. JustHeat will be incorporated immediately into SMCC's solution set, creating near-term cross-selling opportunities across SMCC's existing and future customer pipeline. The Board expects this to accelerate commercial traction and shorten sales cycles.
As part of the transaction, Mark Sait, co-founder and CEO of SMCC, has joined the Board of Haydale as an Executive Director and assumes the role of Chief Commercial Officer of the enlarged Group. Mark and the SMCC management team bring deep sector expertise and a strong commercial track record, and will work closely with Haydale's leadership to drive integration and growth.
The Board believes the combined leadership team, broadened talent base and enhanced route-to-market place Haydale in a strong position to execute its growth strategy.
It was also stated that the proposed change of name of the Company to Haydale plc is expected to become effective shortly.
Simon Turek, Chief Executive Officer of Haydale, commented: "Completing the acquisition of SaveMoneyCutCarbon is a pivotal milestone for Haydale. Over the past year we have reshaped the Company into a focused, commercially driven business with graphene-enabled technologies ready for scale. By combining our advanced materials expertise and JustHeat technology with SMCC's nationwide market-access engine and delivery capability, we have created a scalable clean-tech platform designed to deploy energy and water-efficiency solutions at pace and with real impact. The enlarged Group is uniquely positioned to help organisations cut energy and water costs while materially reducing carbon emissions. I am delighted to welcome Mark and the SMCC team to Haydale as we enter the next phase of growth together."
