North East construction tech firm Clixifix is set for growth after being snapped up by Norwegian group SmartCraft ASA.
The Houghton-le-Spring based ‘software as a service’ firm has seen strong growth on the back of its cloud-based platform, which allows its customers in the UK housing industry to track the progress of repairs and speeds up the reporting process.
Clixifix CEO James Farrell said the firm’s acquisition by SmartCraft signifies its robust growth trajectory and also enhances its market opportunities, by integrating with SmartCrait’s expansive European presence.
Read more: Cambridge University spinout expands into North East Go here for more North East business newsMr Farrell said: “Joining forces with SmartCraft marks a pivotal chapter in our journey. With SmartCraft’s proven excellence in developing top-tier SaaS solutions, we are poised to accelerate our innovation, enhancing our offerings to better serve our ever-growing customer base across the UK. This synergy ensures that Clixifix will continue to lead the way in transforming construction defect management and customer service.”
Gustav Line, CEO at SmartCraft, said: “We are very excited to welcome Clixifix to the SmartCraft family. With 85% recurring revenue, a modern technology platform, low churn, rapid growth and a highly scalable model, Clixifix is a high-quality platform that stands out in the UK landscape. The solution provides great value for its 20,000 users across 250 corporate customers, with rapid return of investment for the system’s customer.”
Founded in 2012, Clixifix has been at the forefront of digitalising aftercare processes, effectively resolving over 1.8m defects through its flagship platform. Its emphasis on customer satisfaction and operational efficiency has seen it secure a commanding position in the market.
In 2023 Clixifix saw 50% revenue growth and in the first quarter of 2024 it saw a 30% increase in organic revenue, with an Ebitda margin of 36%. Clixifix has become SmartCraft’s 12th acquisition, expanding its capabilities and resources.
Mr Farrell added: “We are thrilled about our future with SmartCraft. Their extensive experience and broad portfolio in construction SaaS will undoubtedly bolster our mission to streamline defect management and improve customer interactions within the construction industry.”
