SVG sells Xceptor to CBPE Capital

Kenny Wastell
16 March 2017

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SVG Capital has sold its majority stake in UK-based process automation software business Xceptor to CBPE Capital.

Under its new ownership structure, the company will undertake an international growth strategy, as well as invest in new product development and recruitment.

The deal is the fourth investment made from CBPE's ninth fund, a 2015-vintage vehicle that held its final close on £459m.

Financial details of the Xceptor deal remain undisclosed, though CBPE's latest vehicle invests in companies with enterprise values of £25-150m and has an average ticket size of €30-35m, according to unquote" data.

Following the deal, CBPE partners Jason Khaksar and Ian Moore will take a seat on the Xceptor board.

The transaction comes five months after HarbourVest secured an agreement to wholly acquire the investment portfolio of SVG for £807m. SVG is to be wound down following the HarbourVest transaction, with its shareholders due to receive a total of £1.12bn through a series of tender offers by Q3 2017.

Previous funding
SVG acquired a majority stake in Xceptor (at the time known as Web Services Integration) in 2016.

Company
Founded in 2003, London-headquartered Xceptor provides process automation software for financial institutions. Its products relate to back-office business processes, particularly for trade confirmation, tax reclaim, fund processing and collateral management.

Xceptor's clients include JP Morgan, Glencore and HSBC. The business has additional operations in New York, Cape Town and Sydney.

People
CBPE Capital – Jason Khaksar, Ian Moore (partners); Rob McCombie (director); James Whittington (investment manager).
Xceptor – Andrew Kouloumbrides (CEO); Peter Madigan (co-founder).

Advisers
Equity – Travers Smith, Ian Shawyer, George Weavil, Simon Skinner, Elena Rowlands (legal); Macfarlanes (legal).