AIM-listed workspace technology provider essensys, has agreed to a recommended cash offer from essensys Bidco Limited, a newly formed vehicle backed by essensys founder and controlling shareholder Mark Furness.
The offer values the company at approximately £11.3 million, with shareholders set to receive 17 pence per share in cash. That represents a premium of around 9.7% to the closing price of 15.5p on 27 November 2025, before the offer period began, and an 11.3% premium to the one-month volume-weighted average price over the same period.
The company’s independent directors, advised by Canaccord Genuity, have backed the deal, while Furness himself was excluded from that decision due to his role as Bidco’s controlling shareholder.
As an alternative, shareholders can elect to receive one new Bidco share for each essensys share held, though these carry no voting rights.
Founded in 2006 and admitted to AIM in 2019, essensys provides software and technology to landlords and flexible workspace operators across the UK, Europe, North America and Asia-Pacific.
Under new leadership over the past year, the company has streamlined its strategy around two core products: the essensys Platform, a SaaS solution for enterprise-grade wi-fi across multi-tenant workspaces, and elumo, a bookings and access tool launched in March 2025.
If the deal goes ahead, which it looks like it will, essensys will be the latest London-listed firm to succumb to poor performance and lack of investor interest.
“I founded essensys almost 20 years ago and remain its largest shareholder. In recent years, we have undertaken significant work to reshape the business – strengthening our digital experience capabilities, deepening relationships with blue-chip global customers and materially improving our cost base and operational discipline,” said Mark Furness of essensys Bidco.
“essensys Platform has been repositioned to meet evolving market needs, and elumo, following a long and complex development journey, is now at the beginning of its commercial rollout.
“However, trading volatility and continued weakness in the Company’s share price mean that, in my view, essensys cannot sustainably continue as a quoted company in its current form. The costs, constraints and short-term pressures associated with a public quotation are increasingly disproportionate to the Company’s scale and to the investment required to realise the opportunity ahead.
“I believe essensys now needs to operate as a private company with greater agility, a lower structural cost base and a longer-term horizon.”