Tribeca chalks up seventh acquisition
Financial services education provider Tribeca Learning has bought tax training supplier Webb Martin to bring its total acquisitions to seven over the past four years.
The deal involves an initial payment of $4.5 million and a capped performance amount to be based on Webb Martin’s financial results for fiscal years 2005 and 2006.
Webb Martin is projected to generate sales revenue of about $5 million this financial year, according to a Tribeca statement.
Tribeca’s other acquisitions since September 2001 include Integratec, THP Services, Paraplanning Professionals, Resnik Communications, Investment Training College, and Financial Planning Resources.
In addition, the ASX in March outsourced its derivative accreditation training to Tribeca, and the Financial Planning Association followed suit in July with the outsourcing of its entry level financial services education.
Chief executive Adam Davis said Webb Martin’s acquisition would expand Tribeca’s reach into the lucrative accounting sector, describing the deal as “strongly earnings per share accretive”.
He said Webb Martin closely complements Tribeca’s existing continuing education products for accountants, and also provides new “content, products and clients”.
Cost and revenue synergies between the two businesses have also been identified, he said.
Established in 1989 by existing managing partner Veronica Webb, Webb Martin provides tax related training programs to more than 250 mid and top-tier accounting firms nationally.
Employing 30 staff in Sydney, Melbourne and Perth, the company’s main business is a monthly tax workshop sold by annual subscription.
Other products include public offer seminars for tax professionals, a structured tax-accreditation education program, and an online database of tax training services and materials.
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