TFB say independent specialist IT suppliers are the safer bet
Following yesterday's announcement by Hellman
& Friedman LLC that they have taken over Computer Software Group (see previous blog posting) the directors of the TFB Group have made the following statements…
Simon Hill, TFB's managing director said: “When we rejected approaches from the CSG Group in March 2006 we did so at the time as we remained unconvinced of their long term commitment to, and strategy for, the legal software market in the UK. The most recent announcement, coming as it does just some six days after the acquisition of Mountain Software, reinforces that view. The TFB Group has always taken the view that the legal profession supports the approach of independent specialist legal IT suppliers. TFB continues to be profitable and we anticipate that this year will be our best yet with operating profits edging towards £1m.
“It is interesting to note that recent business press articles and Government statements have already started to raise concerns at the levels of debt now being taken on, via multinational private equity companies, at multiples not seen the since dotcom era and the potential issues for customers and employees.”
Mark Garnish, TFB's Business Development Director added: “We remain convinced that only a specialist independent company, with a clear vision and strategy, can best deliver the exacting requirements our clients demand and we remain grateful to all of them for their continued support and loyalty. Some of the legal companies within the CS Group will have had 3 to 4 owners, all within a very short space of time, and it is difficult to understand their long term strategy for product development across the Group. We have already gone on record as saying that we have no plans to end of life Partner for Windows and have a very exciting R&D program in place for the next few years, which has been well received by our clients as being highly appropriate to their needs.”