HgCapital entered the process to acquire Sporting Index, a leading sports spread betting company. However there were a few concerns that HgCapital had around Sporting Index’s customer base and conversion strategies, as a small segment of customers accounted for most of the revenue, and there appeared to be no coherent strategy for managing the main bulk of customers and converting them into high spenders. It was essential that iris Concise could demonstrate to HgCapital that a strategy was possible and achievable
iris Concise proposed a segmented approach to the development of a customer strategy, using enabling technology to drive the required increase in value of customer segments to ensure an effective Return on Capital Expenditure.
HgCapital acquired the target company in 2005 for £75m, and iris Concise’s due diligence work was described by the then CEO of Sporting Index as the only piece of due diligence that was worth carrying out.