News Details

Espreon Completes Billback Acquisition

Further to the Prospectus lodged with ASIC on 5 August 2005, Espreon is pleased to announce that it has completed the acquisition of Recount Expense Management Pty Ltd (trading as Billback Systems).

Espreon’s Managing Director Craig Kennedy said Billback provided Espreon with a better balanced portfolio of business, significant international growth opportunities and a strong entry into the domestic legal sector for its other products and services.

“While this acquisition is motivated by the growth opportunities for Billback, our recent introduction to some major law firms in Australia via the existing Billback relationship has highlighted opportunities to tightly integrate our information brokerage capabilities with the Billback solution.

“This will further enhance the expense management and operational efficiency of the law firms and provide Espreon with a unique competitive advantage.

“We are confident the acquisition of Billback will provide a significant profit contribution and a solid base for future growth,” said Mr Kennedy.

He said the Espreon Group would also benefit from established annuity earnings through Billback’s contracts for ongoing maintenance and support services. 

Billback Systems, founded in Australia in 1983, develops, supplies, implements and supports cost management systems for the global professional services sectors. The technology developed by Billback captures, manages and assists in the recovery of a broad range of costs. 

Billback’s reputation for highly effective and user-friendly software and hardware solutions as well as strong focus on quality customer service sees it with a client base which includes most of Australia’s largest law firms and many in the UK and North America.

Billback Chief Executive Eldean Ward said the backing of Espreon would ensure its world leading technology remained ahead of the pack. 

“It will also provide us with greater access to capital to support ongoing product innovation and accelerate growth in our global market share,” said Mr Ward.

Billback Systems, founded in 1983, develops, supplies, implements and supports cost management systems for the global professional services sectors. Many businesses within the professional services sector are engaged by their clients on the basis of an hourly rate plus expenses (often described as out of pocket expenses). Billback Systems provides the necessary hardware and software to capture such out of pocket expenses to allow them to be allocated, where appropriate, for billing to end clients.