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LDC exits financial services software company Avelo for £210m

6 Aug 2013

UK mid-market private equity firm LDC has exited its investment in financial services technology and software consultancy Avelo with its sale to Australian financial services technology specialist, IRESS for £210m.

The firm secured a return multiple of over two times, it said.

LDC backed the management team of 1st – The Exchange (now Avelo) in August 2009, as part of a £115m transaction, with LDC investing £42m to acquire a controlling stake in the company.

In 2010 LDC provided follow-on funding for Avelo’s acquisition of fellow financial services software company N4 Solutions, and for the subsequent purchase of website design company Screen Business. Last year LDC backed Avelo’s acquisition of TrigoldCrystal, a provider of technology solutions to mortgage distributors.

Daniel Sasaki, managing director of LDC’s London investment team, said, “It has been a pleasure to witness Avelo’s transformation over the past four years into a world-class company that offers market-leading technology services to the financial services industry. We have focused on supporting Avelo’s buy and build strategy, which has succeeded in growing the business and significantly improving its technology, software and consultancy solutions.”

LDC has committed some £200m to the TMT sector last year. Other software investments include Workplace Systems, the workforce management software provider, Iris, the SME business solutions provider, BigHand, the digital dictation workflow developer, Kirona, the leading field force automation solutions provider and OnApp, the fast-growing provider of cloud-enabling software and solutions.

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