Synova acquires Syslink via MBO

Kenny Wastell
27 September 2017

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Synova Capital has acquired a majority stake in application performance monitoring software business Syslink Group as part of an all-equity management buyout.

Financial details of the transaction remain undisclosed, though a source close to the situation told unquote" the deal values the business in the £20-30m range. Synova is currently investing from its £250m third fund, which typically invests £10-30m in companies valued at £10-50m.

The GP and management team are acquiring the business from its founders, who were previously involved in the spin-out of the company from PwC in 2000.

According to a statement issued by the GP, the company has enjoyed double-digit annual organic growth in recent years owing to the increased complexity of IT infrastructure and a growing user base of SAP systems. It is understood the company will continue to pursue an organic growth strategy under its new ownership model.

As part of the deal, Synova partner Alex Bowden and investment manager Matthew Charman will take a seat on the Syslink board of directors.

Company
Founded in 2000 and headquartered in London, Syslink is a provider of application performance monitoring software for users of SAP enterprise systems. The company has additional operations in Basel and its clients include IBM, Fujitsu, BMW and Deloitte. Its software is used by IT companies and by corporates in the management of their own systems.

People
Synova Capital – Alex Bowden (partner); Matthew Charman (investment manager).
Syslink Group – Harrie van Duijnhoven (CEO).

Advisers
Equity – GCA Altium (corporate finance), Addleshaw Goddard (legal); Baker McKenzie (legal); PwC (financial due diligence); Codex Partners (commercial due diligence); Deloitte (tax).