Kashflow Turns Down Buy-Out Offer From Former Sage Chairman

Kashflow the online accounting software founded and run by Duane Jackson has turned down a cash offer in excess of £2million for his software company.

Rumours were first started in a Daily Telegraph article and a thread on ukbusinessforums attempted to get the latest information from the Kashflow founder. But on July 4th Duane wrote a post that confirmed everyone’s suspicions but also gave the astounding news that he decided not to sell citing his customers as the reason.

Duane said “I felt that being part of an AIM listed company would mean we lose that edge which would in turn mean our customers don’t get the service they’re used to in terms of new features being quickly added, etc.”

All very interesting and noble. It’ll be interesting to see if Kashflow will indeed meet their targets of £2million in profits in 2 years time in the current climate. Undoubtedly his customer base will need to be built from new customers as it’s likely some will go bust in the current climate. Duane and his advisors are no amateurs though as they have just done a deal with PayPal and have a great PR company to boot.

Let’s hope the decision is a good one and he can sell for £10million or more in a few years time.

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