NJ US Licensing Software Business of 17 Years
Highly Skilled Staff, Consistent YOY Profitability & Exceptional Service
The company is a well-established company consisting of eleven full-time staff and three long term off-shore contractors. They have had an impressive profitability track record since their inception. With its main office located in Mount Laurel, NJ, the company has been delivering exemplary licensing software services to the state of Maine for many years and is uniquely qualified to continue delivering these services and more.
In business since 2001, the company provides software design development and support services to state agencies that protect the health, safety, and welfare of the public by regulating professions, activities, sites, and other entities through compliance and education. Their reach into more agencies within the state of Maine has steadily grown, as regulatory agencies with unfulfilled needs have elected to move to the company's Agency License Management System (ALMS). The services provided involve more than software development and maintenance. Their experience working with the state and expertise in licensing methodology provides Maine with a more valuable product than the typical software development vendor. Agencies currently using ALMS have a high level of satisfaction. New agencies often hire the company primarily as a result of the company’s reputation and word-of-mouth referrals from other agencies.
Due to the niche nature of the business, the company does not compete directly with any “top competitors.” Given the long-term contract with the State of Maine, with an annual value of $2 million (plus unused funds carried from prior years), revenue from Maine represents 100% of the company’s total revenue (100% recurring revenue).
While achieving impressive financial results over the past years, the company still has a significant opportunity to grow by targeting other agencies within Maine that are displeased with their current licensing system. Becoming part of a larger company would allow for more dramatic growth by positioning the company to broaden its service offerings in Maine and to expand into other states.
With over $2.3 million in total income, $487K in seller’s discretionary cash flow, an average EBITDA margin of 20%, Raincatcher lists the company at $1.3mm with negotiable terms.