LDC's Node4 bolts on Reconnix

The deal marks the second bolt-on for Node4, which was acquired by LDC in May 2013, following its purchase of LETN in August last year.

The transaction was financed through existing cash; LDC did not provide additional capital.

Company
Based in Newark, Reconnix is an open-source technology company focused on application development and managed cloud and hosting services. Customers include BGF-backed Morphsuits.co.uk.

The company employs 30 staff.

People
Steve Nice is co-founder and CEO of Reconnix – he will join Node4 in a senior management role following the deal. Andrew Gilbert is managing director of Node4. John Green is an investment director at LDC.

Advisers
Company – Austin Moore (Legal).
Equity – Pinsent Masons (Legal); PwC (Financial due diligence).

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