TTC Group completes Licence Bureau acquisition
TTC Group has completed the acquisition of licence checking and document verification business, Licence Bureau, as it further expands its portfolio of fleet compliance services.
The acquisition, made for an undisclosed amount, closed on 10 March 2020 and will enable TTC to broaden its corporate fleet customer base and further strengthen its compliance capability within its Continuum driver risk management software platform.
Founded in 2003, Licence Bureau provides licence checking and document verification services for SMEs and large corporates; more than 1,400 companies use its services, including over 20% of FTSE 100 companies.
As part of the deal, the corporate fleet division of TTC Group will move to Hemel Hempstead to support the wider group’s fleet risk management activities.
The acquisition follows the 2017 management buyout of TTC Group, led by current CEO Jim Kirkwood and backed by mid-market private equity investor, Palatine Private Equity. Since then, TTC has seen revenue growth of more than 36%.
Jim Kirkwood, CEO at TTC Group, said: “Licence Bureau has been a business I have admired for many years, and this acquisition could not come at a better time for both companies.
“Our business models complement each other perfectly, and the deal will enable us to provide a higher quality service to existing clients and give a wider offering of products to new customers.
“I look forward to working closely alongside our partners at Licence Bureau as we continue to expand.”
Malcolm Maycock, managing director at Licence Bureau, added: “This transaction comes as the industry stands on the cusp of real business change, driven by new technologies and demand from clients for deeper insights into their driver population.
“TTC Group has seen the potential in these markets and working together will enable Licence Bureau to expand its horizons and become part of the UK’s leading education provider.”