Mark Furness, founder of flexible workspace software provider essensys, has agreed a deal to purchase the company.
In a trading update, the essensys board said it had agreed the terms of cash offer of 17p per share submitted by a newly incorporated vehicle backed by Furness and other parties.
In November last year, essensys announced Furness had made a preliminary, non-binding proposal for a possible all-cash offer of 20p per share.
In its unaudited results for the six months ended 31 January 2026, the company reported a 25% fall in revenue to £7.8m, which it attributed to “the continued downsizing of a single large strategic customer” in addition to “property portfolio rationalisation as customers focus on their more profitable sites and the anticipated impact of churn from both our smaller non-strategic customers and our cloud business”.
James Lowery, chief executive officer of essensys, said: “Although we have experienced financial headwinds over the past six months, we have made significant progress in executing our strategy with a clear focus on meeting the needs of our customers, while driving new customer acquisition. We have restructured the business to provide greater focus across our two core products, transformed our customer support function and successfully delivered the first cohort of elumo customers. Alongside this, we have maintained a disciplined approach to capital allocation and operational efficiency while continuing to invest in the development of our solutions. These actions have established a solid foundation for future growth.
“The period has also seen the recommended cash offer for the company from our founder, Mark Furness. The independent directors believe that this offer will facilitate clear strategic and operational benefits for essensys’s internal and external stakeholders, including the employees and customers of essensys and provides a fair and reasonable value and a certain exit opportunity for shareholders.”
