Thu, 14 Jul 2022 | BUSINESS SALE
Yorkshire-based IT firm Human Computer Interaction (York) Ltd (HCI) has said that it will target acquisitions of complementary businesses after being taken over by private equity firm Advantos Equity Partners for an undisclosed sum.
Founded in 1989 and with turnover of more than £700,000, HCI specialises in web applications and bespoke software. Accountancy and advisory firm Azets advised on the deal after the company’s corporate finance team was approached by HCI managing director Michael Jeffrey, who was seeking a sale of the firm that would enable himself and two other shareholders to gradually exit and realise their investment.
The buyer, Advantos, is a London-based PE firm which also operates from offices in Germany and Norway. The firm is comprised of a small team of entrepreneurs specialising in buying and investing in small technology-focused businesses.
Post-acquisition, all HCI’s current staff will remain with the business, with Michael Jeffrey and fellow director John Bates continuing to provide consultancy and support. Advantos plans to grow the company by both creating new jobs and acquiring complementary UK businesses.
HCI managing director Michael Jeffrey said: "We are delighted with the sale of HCI to Advantos which we believe is a great outcome for all stakeholders: staff, customers, and shareholders. In Advantos we've found in a buyer who we believe shares our principles of quality of service, integrity, and respect. Advantos will bring the vision and energy to enable HCI to prosper into the future."
Jeffrey added: "The sale of HCI was professionally orchestrated by Azets who produced the prospectus, identified buyers, and negotiated the deal.”
Benjamin Sommer, partner at Advantos, commented: "HCI is an established, well-respected company with 30 years' experience and we are delighted to have completed its acquisition as part of our IT sector strategy.”
"We are looking forward to developing the business into an international player as part of the wider Advantos portfolio and are also currently seeking several complementary acquisitions to further fuel growth."
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