essensys has announced that its independent director, Mark Furness, has submitted a proposal to take over the firm through an all-cash offer.

The software and technology company stated that it had received an offer proposal from its founder, valued at 20 pence per share.

It comes as the firm announced that the current macroeconomic environment has led to elongated sales cycles and slower than anticipated adoption rates, which is set to impact its sales in the current financial year.

As a result, it expects it FY26 results to be materially below its expectations.

However, the group has launched a restructure, which is expected to generate significant annualised cost savings.

In its latest trading update, essensys reported that its revenue for the first quarter totalled £4.1m, which is broadly in line with management expectations. This figure was primarily driven by essensys Platform.

However, the firm stated that it expects one of its customers to not renew its Platform contract, which represents total annual recurring revenues of £900,000.

The board at essensys said that it is in preliminary discussions with Furness in relation to the offer, and these talks are at an early stage, meaning that there is no certainty that an offer will be made.

Under takeover rules, Furness now has until 26 December to announce a firm intention to make an offer for the firm.

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