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Acquisitive security firm, Accumuli, has closed H1 (ending September 2013) with revenues up 23% to £7.7m - thanks largely to acquisitions. Indeed, only yesterday the firm announced it was buying analytics and monitoring firm, Eqalis (see Accumuli grows Splunk capabilities with Eqalis acquisition). Accumuli’s underlying growth rate was more moderate at 6% - a figure it hopes to improve upon as it builds out the breadth of its portfolio. In terms of the bottom line, Group EBITDA margin slipped from 16% to 14%.
A key objective for Accumuli is being able to cover overhead costs with gross profit from recurring revenues. That is something it is now getting close to being able to achieve. Furthermore, 62% of gross profit is now derived from recurring revenue streams - up from 53% last year.
The purpose of the acquisition trail is to build out a range of security offerings that can be offered as a managed service. Accumuli wants its discussions with customers and potential customers to be – quite rightly, we say – business-led rather than technology-led. The ultimate aim is that deal sizes grow to become worth 100s of thousands of pounds, rather than 10s of thousands of pounds. We like what Accumuli is aiming for. Let’s see if it can show more evidence over the next 6-12 months of edging towards that objective.
