Boston-headquartered private equity firm ABRY has cashed out angel investors Pi Capital and Westminster Growth Capital to take a majority stake in London-based benefits software developer Thomsons Online Benefits. The buyout values Thomsons at around £100m. Thomsons is the proverbial ‘nice little earner’, with revenues last year of £32.6m and £7m EBIT. Management aims to double turnover and treble earnings by 2015 – no shortage of ambition there, then!
There’s at least one familiar face in the Thomsons top team line up. CFO Paul Smolinski will be familiar to UKHotViews readers through his tenure at Sophos, TIG and Compaq. Most recently he was Group CFO at IT/telecom services firm, Niu.
With the constant evolution of government pensions initiatives, the pensions administration software and business process services (BPS) space could be looking very interesting. Indeed this is why our John O’Brien is paying much attention to it in TechMarketView’s BPSViews research. Perhaps you need to find out more? Deb Seth on our client services team can help!