M&A Case Study3 - Reflex | Infinity Technology Holdings

M&A business
Group company recruitment and acquisition cases

CASE 3

A REFLEX STORY
A Journey of Innovation and Success

Interview with Mr. Rupert Tubbs

Overview

Reflex is a demand planning and Sales & Operations Planning (S&OP) software business built from a practical market need and grown through resilience, technical innovation, and long-term partnerships. This case study outlines the origins of Reflex, its evolution into a full S&OP solution, and its acquisition by Infinity Group under the leadership of Hiro.

Identifying the Market Gap

In the early 2000s, Rupert Tubbs was working as an independent consultant helping organisations implement Sales & Operations Planning (S&OP). A fundamental requirement of effective S&OP is a reliable forecast of demand, which then informs decisions around production and inventory.

At the time, there was no pragmatic, good-value software solution available to meet this need. To compensate, Rupert began building simple Excel-based forecasting tools for his clients. What started as a workaround soon revealed a clear market opportunity: businesses needed a practical, accessible demand-planning system.

The Formation of Reflex

At the same time, William Kapjohn who would become one of the founders of Reflex was selling a highly sophisticated US software product in the UK. Having saturated the available market, William was looking for a new direction.

By chance, Rupert and William met at a family dinner. Rupert had the idea and the domain expertise; William had the commercial platform. They decided to join forces, laying the foundations for what would become Reflex.

Early Challenges

The early years of Reflex were far from easy. The team experienced multiple false starts with software developers, losing both time and money. Early demonstrations were often fraught with risk, with the software sometimes failing during live presentations.

Like many early-stage software companies, Reflex faced significant technical and financial pressure. However, persistence and belief in the product kept the business moving forward.

A Turning Point: Building the Core Team

A major breakthrough came with the recruitment of Paul Thompson, who would go on to become central to the company’s success. Paul was initially employed full-time elsewhere, contributing part-time work to Reflex.

To persuade him to join full-time, the founders offered Paul equity in the business and a unique proposition: the freedom to take a year away to sail around the world in the Clipper Race, with a guaranteed role upon his return. Paul accepted and became the primary architect of the Reflex software.

Under Paul’s leadership, the platform stabilised, performance improved, and the business began to gain traction.

Product Evolution and Market Expansion

By around 2005, Reflex had evolved beyond a simple forecasting tool into a full S&OP solution. As customers adopted demand forecasting, they quickly sought support for production planning and inventory management. Reflex expanded its capabilities to meet these needs.

The business began winning recognised brands across international markets, including Avis and Toyota in South Africa. A particularly strong and enduring partnership was formed with Krispy Kreme, which continues to this day.

Reflex also entered into a long-term partnership with a South African organisation that promoted the software. Although that partner later attempted to acquire Reflex, the founders chose to retain ownership and continue independently.

Engagement with Infinity Group

Initial conversations with Hiro of Infinity Group began around 2019–2020. While those discussions did not result in an immediate transaction, both parties remained in contact.

In 2022, the founders collectively decided it was time to restructure and explore a sale. Of the three main shareholders, two including Rupert chose to exit the business. Paul Thompson wished to remain and therefore purchased part of the shareholding, with the remainder sold to Infinity Group under Hiro’s leadership.

The Acquisition Experience

The sale process was notably straightforward. Hiro demonstrated a transparent, honest, and principled approach throughout the transaction. Although the process involved inevitable delays and a high-pressure final phase, the experience was positive overall.

Infinity Group proved to be professional, fair, and business-focused, resulting in a successful completion of both the sale and the subsequent earn out period.

Post-Acquisition Success

Following the acquisition, significant cost efficiencies were introduced, improving the financial performance of the business. Reflex retained its original culture as a remote-first, lifestyle-driven organisation an approach it had embraced long before remote working became mainstream.

Hiro adopted a hands-off leadership style, allowing Paul to continue running the business autonomously, provided performance targets were met. This continuity preserved the values on which Reflex was built.

Outcome

From Rupert’s perspective, the acquisition has been a success. The business is stronger financially, its culture remains intact, and leadership continuity has enabled ongoing growth. Both Hiro and Paul are well positioned to take Reflex forward into its next phase.