EPOS Systems Ltd

GBGBPAcquired Oct 2024Closed Oct 2024

in progressNeeds Attention

EV£1.7M

Multiple paid4.4x

Vendor loan£500K at 6.0%

Exit multiple assumption8.5x

MULTIPLE JOURNEY

4.4xAcquired

8.5xGroup multiple

Y1 vs Underwriting

Behind plan

Y1 Revenue

CHF 2M

-7.0% vs plan CHF 2.2M

Y1 EBITDA

CHF 463.5K

-3.0% vs plan CHF 477.8K

IC Memo Summary

EPOS Systems Ltd acquired 2024-10 at 4.4x TTM EBITDA (EV £1.7M). Y1 actual revenue CHF 2.02M (93% of underwriting CHF 2.17M). Integration status: in-progress. 1 synergy delivered or ahead of plan.

FLAGGED

Y1 revenue at 93% of underwriting (CHF 2.02M vs CHF 2.17M).
Y1 EBITDA at 97% of underwriting (CHF 0.46M vs CHF 0.48M).

Underwritten vs Actual

Revenue · plan is dashed

ActualUnderwriting planY1 actual CHF 2M = 93% of plan

Year	Actual	Plan	Variance
Y1	CHF 2M	CHF 2.2M	-CHF 151.8K
Y2	Not reported	CHF 2.4M	—

Synergy Tracker

1 synergy · 117% realised

CHF 410,000

of CHF 350,000 target

Description	Owner	Target (CHF)	Delivered (CHF)	Status	Due
	Thomas Brunner (Group Operations)	350,000	410,000100%	Delivered Ahead	Aug 2026

Total synergy target: CHF 350,000117% realised to date

All synergies delivered or on track

Cohort Comparison

This acquisition vs portfolio

	This acquisition	Portfolio average	Best sister
Y1 Revenue vs Plan (CHF)	2M	2.2M	3.4M
Y1 EBITDA Margin	23.0%	22.4%	28.1%
Synergy Realisation	117%	86%	117%

Comparison includes 6 acquisitions with Y1 actuals reported

FINANCIAL SNAPSHOT (TTM)

TTM REVENUE

CHF 2.4M

ADJUSTED EBITDA

CHF 343.5K

EBITDA MARGIN

14.4%

CASH BALANCE

CHF 350K

HEADCOUNT

CUSTOMERS

720

Integration Gates

4 of 4

Day 1Complete
Day 30Complete
Day 100Complete
Day 365Complete

TSA EXIT TRACKER

ExitedMay 2025

In Progress

1 TSA remaining

Data Connections

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Budget vs Actual vs Forecast · FY26

EPOS Systems Ltd · YTD through Aug 2026 · CHF · forecast = YTD actual + remaining budget × 0.92


Revenue	1.7M	1.6M	At risk-100.5K· -6.0%	2.7M	2.5M	At risk-182.5K· -6.8%
Growth %	25.6%	18.0%	At risk-7.5pp	25.6%	17.1%	At risk-8.5pp
COGS	887.4K	831.9K	-55.5K· -6.3%	1.4M	1.3M	-99K· -6.9%
S&M	200.9K	203.2K	+2.3K· +1.1%	324K	316.4K	-7.6K· -2.3%
R&D	134K	135.8K	+1.8K· +1.3%	216K	211.2K	-4.8K· -2.2%
G&A	234.4K	238.5K	+4.1K· +1.8%	378K	370.6K	-7.4K· -1.9%
OpEx (total)	569.3K	577.5K	+8.2K· +1.4%	918K	898.3K	-19.7K· -2.1%
EBITDA	217.7K	164.6K	At risk-53.1K· -24.4%	351K	287.2K	At risk-63.8K· -18.2%
EBITDA %	13.0%	10.5%	At risk-2.5pp	13.0%	11.4%	At risk-1.6pp

OPERATING PERFORMANCE

Operating Metrics

Software

Net Revenue Retention

102.7%

Sep 25 – Aug 26

ARR Growth

14.0%

Sep 25 – Aug 26

Rule of 40

31.5%

Sep 25 – Aug 26

R&D Share of Revenue

8.5%

Sep 25 – Aug 26

GMV Take Rate

8.24%

Sep 25 – Aug 26

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