Last week FreeAgent announced that they had received a takeover bid from RBS to the tune of £53 million which they are recommending to shareholders.
From a user’s perspective, nothing! All the key staff are still involved with running FreeAgent and it will be run as a standalone subsidiary.
No! FreeAgent already had a strong relationship with RBS and this is likely to continue to develop but they have reassured us that they will continue to support all banks. In fact, since this deal was announced they’ve put live their bank feed with challenger bank Tide!
Regarding sharing financial information with RBS, this will only ever be done with explicit consent from the user and will not be a requirement to use FreeAgent.
We believe that it is good news. This deal will provide FreeAgent with financial security as well as providing vastly increased resources to be able to improve the product further and at greater speed.
Our founder & CEO Luke Desmond commented “We were one of the first FreeAgent accounting partners and have developed a strong relationship with them. Not only is the software great but the team behind the software is amazing. I am very happy for them that they’ve closed this huge deal. After speaking to the FreeAgent team last week I am convinced this will be a good thing for the company and look forward to the improvements that are made possible with the larger resources now behind them.”
You can read Ed Molyneux’s (FreeAgent Founder & CEO) statement here.
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