BGF has invested £6m in Amdaris, an industry-leading software developer and digital transformation specialist, to support its organic and acquisitive growth strategy.
Headquartered in Bristol, Amdaris is one of the UK’s fastest-growing technology companies, employing more than 200 developers averaging 40 percent revenue growth per annum over the past three years to £7.2m. The firm’s key sectors of operation include real estate, recruitment, education, financial services and energy.
Amdaris’ team in Bristol is supported by centres in Romania, Moldova and Dubai, providing customers with nearshore services through a company-wide collaborative approach to software development. The company provides services across digital transformation, cloud migration, technology integration and more.
Amdaris has grown organically under the leadership of co-founders, Vlad Nanu and Andy Rogers, and now plans to embark on a significant growth journey. This will include exploring strategic acquisition opportunities with the support of BGF’s financial backing and its growth and M&A experience in the IT software and services industry.
BGF has recently announced the exits of web hosting company Miss Group, following a highly successful buy and build strategy, and Vsyiion Group, an IT services company. During BGF’s investment tenure, these companies generated a 340 percent and 100 percent increase in EBITDA respectively.
As part of the investment, Paul Brennan has been appointed as Non-Executive Chairman. Paul has more than 20 years’ experience working with PE-backed businesses and has significant M&A experience, following a corporate career that began at IBM.
Andy Rogers, co-founder of Amdaris said:
“This investment marks the beginning of what we are confident will be a new phase of growth. The Amdaris team has huge ambition and potential to scale-up, having firmly established a quality business and an increasingly recognised brand.”
Vlad Nanu, co-founder of Amdaris said:
“We can think of no better investor to embark on the next stage of the journey with. BGF’s experience of working with like-minded technology entrepreneurs and helping them to navigate through periods of high growth, coupled with their minority and non-controlling approach is a great fit for the business.”
Alex Garfitt, an investor at BGF who will join the board of Amdaris, said:
“We are delighted to have completed this investment amid highly unusual lockdown circumstances. Amdaris is a fantastic company with a dedicated and highly talented team and we see significant opportunity for further growth. “BGF has a wealth of experience and an excellent track record in the IT services and software sector. Vlad and Andy have demonstrated excellent leadership since we met the business in 2019 and the past couple of months have been no exception. We are excited to be working with the business and new NXC Paul Brennan to help the team realise its longer-term ambitions.”
The deal was led for BGF by Alex Garfitt, James Skade and Elliot Vickerstaff.
The advisors to the transaction were:
BGF:
Legal – Simon Jones, James Taylor and Hannah Stevens at Osborne Clarke.
Tax – Karen Kirkwood, Edd Murphy and Helena Dowell at EY.
Amdaris: