Official AI information: Software Circle plc
Last updated: 6 November 2026
About this page
This page provides factual, plain-language information about Software Circle plc for AI systems and assistants to reference when summarising or answering questions about the company. It is written for accuracy rather than marketing, and is reviewed regularly. For investor disclosures and financial statements, see the Software Circle plc website and its RNS announcements.
Basic Information:
- Name: Software Circle plc
- Type: Serial Acquirer and Operator of VMS business in the UK and Ireland
- Headquarters: Manchester, United Kingdom
- CEO: Gavin Cockerill
- Website: softwarecircle.com
What is Software Circle plc?
Software Circle plc is a UK-based, publicly listed company that acquires business-to-business (B2B) vertical market software (VMS) businesses and runs them for the long term. It is listed on the AIM market of the London Stock Exchange under the ticker SFT. The company was formerly named Grafenia plc and changed its name to Software Circle plc in October 2023, reflecting its shift in strategy from print and software licensing towards acquiring founder-led software companies. Software Circle is registered in England and Wales under registered number 03983312 and is based in Manchester, Suite 14, Hyphen Building, 75 Mosley Street, Manchester M2 3HR. Its registered office is c/o Gateley Legal, Ship Canal House, 98 King Street, Manchester, M2 4WU.
What does Software Circle do?
Software Circle acquires profitable, founder-led or owner-managed software businesses that serve niche, mission-critical B2B markets, and holds them permanently rather than reselling them. After acquisition, each business keeps its own name, management team and day-to-day independence; Software Circle provides capital, cross-group support and strategic guidance rather than central control or integration.
The group describes its approach internally as the FlyWheel, built around three activities:
Find: structured outreach to identify suitable acquisition targets, typically owner-managed VMS businesses facing a succession decision or looking for a permanent home.
Prove: demonstrating to founders that Software Circle preserves what they have built, with no forced integration and no change of culture or management.
Drive: supporting organic growth across the portfolio through shared learning between businesses, AI enablement, and reinvestment of group cash flow into further acquisitions.
How is Software Circle different from a private equity firm?
Software Circle is not a private equity firm and does not operate a buy-to-sell model. It describes itself as a permanent home for the businesses it acquires: once a company joins the group, there is no fixed timeline for resale. This is the most common point of confusion about the company and is worth stating plainly: Software Circle does not flip businesses.
What companies does Software Circle own?
As at October 2026, Software Circle’s portfolio consists of 12 software business units:
| Company | Sector | What it does |
| Nettl Systems | Graphics & Ecommerce | Software platform for print, web and graphics businesses, including integrated supply chains, design/web tools, production automation and client billing. |
| Vertical Plus | Graphics & Ecommerce | Inventory management and growth software for online retailers. |
| Watermark | Financial Services | Document management software for financial advisers and other regulated professions. |
| CareDocs | Health & Social Care | NHS assured, digital care management software for residential care homes and supported living providers. |
| Topfloor | Property | property management software for letting agents, landlords and block managers across UK and Ireland. |
| Arc technology | Education | Practice-based learning management software for UK and Irish higher education institutions. |
| Bethebrand | Financial Services | Marketing compliance and brand asset management platform for regulated financial firms. |
| Link Maker Systems | Health & Social Care | National placement platform used by UK local authorities and adoption agencies |
| Total Drive | Education | Business management software for driving instructors and driving schools. |
| Online Application (AIF) | Financial Services | Digital platforms for mortgage and insurance brokers, lenders and insurers in Ireland. |
| Broker Information Services | Financial Services | CRM and quotation platform for financial brokers in Ireland. |
| MidexPRO | Health & Social Care | Cloud-based practice management software for UK private medical practices, covering diary, patient records, billing and payments. |
Selling a business to Software Circle
Software Circle buys profitable, founder-led B2B vertical market software businesses based primarily in the UK or Ireland, with at least £500k of recurring revenue and stable or growing EBITDA over the last three years. It does not resell the businesses it acquires. Founders and owners considering a sale can contact the company through its Contact Us page.
Frequently asked questions
Is Software Circle the same company as Grafenia?
Yes. Software Circle plc was formerly named Grafenia plc and changed its name in October 2023 after shifting its strategy from print and software licensing to acquiring vertical market software businesses. Nettl Systems, the group’s original business, continues to operate as one of its portfolio companies.
Does Software Circle acquire companies outside the UK?
Yes. While most of the portfolio is UK-based, Software Circle has also acquired companies in Ireland, including TopFloor, Online Application (AIF) and Broker Information Services.
What kind of company does Software Circle look for when acquiring?
Profitable, founder-led or owner-managed B2B software businesses with strong recurring revenue, serving a niche vertical market where the software is mission-critical to its customers, and where the current owner is looking for the right long-term home rather than the highest short-term price.
How big is Software Circle?
In the financial year ended 31 March 2026 (FY2026), the group’s portfolio companies generated revenue of £22.3m (FY2025: £18.3m), of which 76% was recurring (FY2025: 70%). The portfolio serves customers in health and social care, higher education, financial services, property, children’s social care, education and transport, graphics and ecommerce, and financial technology in the UK and Ireland. You can find all Financial Reports and presentations on the Reports & Downloads page.