⌘K
t
On 22 May 2025, Software Circle plc announced that one of its operating units was the victim of a suspected authorised push payment fraud. This incident resulted in £426,770 being inadvertently sent from a business unit's bank account, with immediate action taken to notify the bank and law enforcement. The Company confirmed there was no evidence of a wider breach of Group systems or data and reported a current Group cash balance of approximately £7.8 million.
| Date | 22 May 2025 |
| Time | 07:00:08 |
| Category | Corporate updates |
| ID | 6887J |
Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulation. With the publication of this announcement, this information is now considered to be in the public domain.
22 May 2025
Software Circle plc ("Software Circle", the "Company" or the "Group")
Suspected Payment Fraud
The Board of Software Circle announces that one of the Group's operating units has been the victim of a suspected authorised push payment fraud which has resulted in £426,770 being inadvertently sent from the business unit's bank account.
The incident was identified shortly after the transaction was made, and immediate action was taken to notify the bank involved and law enforcement. A specialist team within the bank is investigating the matter.
We can confirm that this incident was limited in scope, and there is no evidence of a wider breach of the Group's systems or data.
The Board takes this matter extremely seriously. A full internal review is being conducted, and steps have been taken to reinforce awareness of, and strengthen, payment protocols across the Group. This includes additional employee training, stricter multi-level verification procedures and enhanced fraud detection measures.
Whilst the amount is significant, the Group's financial position remains strong with a current Group cash balance of approximately £7.8 million and all business activities continue as normal. We will provide a short update regarding our financial year results for the year ended 31 March 2025 in the coming weeks.
The Board remains committed to upholding the highest standards of governance and operational resilience and will provide further updates in due course.
For further information:
Software Circle plc
Gavin Cockerill (CEO) via [email protected]
Allenby Capital Limited (Nominated Adviser and broker) 0203 328 5656
David Hart / Piers Shimwell (Corporate Finance)
Stefano Aquilino / Joscelin Pinnington (Sales and Corporate Broking)
Notes to editors:
Software Circle plc is a UK based acquirer of vertical market software businesses. Our aim is to help founders find the right exit strategy, without fuss or drama. Continuing operations in an independent, decentralised way. Keeping the entrepreneurial spirit and culture that exists in the businesses we acquire. Providing a permanent home for their teams, management talent and culture.