Dublin-based aircraft management specialist AerAdvise announced it is acquiring Core Financial Systems, a financial software provider with expertise in aircraft leasing, financial services and the public sector. The financial terms of the transaction are not being disclosed. The transaction will see both AerAdvise and Core Financial Systems operate as separate but complementary businesses under a group structure.
The management team of Core Financial Systems including founder Tony Salmon, are remaining with the company, which expects to grow employee numbers significantly in the next 24 months. Existing shareholders in AerAdvise, Pat Toner and Kouchin Holdings (Emmet O’Neill) are joined as shareholders in the enlarged group (called Tekunh Ltd) by Chirisa Investments.
The group has a number of further acquisitions planned in both the aviation and non-aviation sectors as the company builds out a comprehensive services platform built on a recurring revenue model. The business is aiming to grow revenue to €30 million to €40 million over the next 24 months through both an acquisition and organic growth strategy.
AerAdvise’s Toner said “With powerful backing, we will draw on decades of experience to push the boundaries of technology innovation and remain focused on growing highly skilled jobs, delivering outstanding technology solutions, capabilities and services to our respective customers. We expect to be in a position to make a number of additional acquisitions to support our recurring revenue business strategy through the next 24 months.”
Established by Toner in 2018, AerAdvise is an independent consulting and asset management company working with aircraft leasing clients around the world. The AerAdvise team has several decades of experience in aircraft leasing, MRO (Maintenance, Repair and Overhaul) and aviation technology. Clients of AerAdvise include investment funds, banks, aircraft leasing companies, asset managers and airlines.
Core Financial Systems was founded by Salmon in 1998. The company has developed a range of proprietary software modules for aircraft leasing, industrial and government customers. Core is the largest Infor Business Partner in Ireland and has earned a reputation of deploying world class business solutions into their blue-chip client base and for being at the forefront of technology advancement. Clients include leading aircraft leasing companies, government departments, financial services companies, and national and international businesses. Core Financial Systems has successfully developed a diversified base of recurring revenue customers in recent years.