UK software firm Advanced Computer Software Group has received a financial boost with the news it has been acquired by private equity firm Vista Equity Partners for an enterprise value of £750m.
Advanced says the takeover puts it in a position to invest in its its ambition to become a major global player.
Founded in 2008, Surrey-based Advanced provides healthcare, business and learning management software and services. It is the third-largest UK-based software provider to the UK market, with more than 2,000 employees and 20,000 customers. The group has grown revenue to more than £200m through a programme of complementary acquisitions and strong organic growth.
Says Vin Murria, CEO of Advanced Computer Software Group: “Our customers will benefit from increased investment in our product and services as we continue to offer innovative and leading edge technology solutions implemented both on-premise and, increasingly, via a subscription model.”
“Advanced has a strong history of delivering mission-critical and high ROI solutions to its customers,” adds Brian Sheth, co-founder and president of Vista Equity Partners. “Vista will help Advanced build on that success by contributing professional expertise, proven best practices, and management techniques that will help Advanced continue to deliver operational, product and service excellence.”
Shareholders will receive 140 pence per share equating to an equity value of approximately £725m.
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