Tenzing invests in buyout of Converge TS

Kenny Wastell
03 January 2018

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Tenzing Private Equity has invested in the buyout of UK-based IT business Converge TS.

Financial details of the transaction remain undisclosed, though the deal is the second investment from Tenzing's £200m maiden fund, which targets buyouts of businesses valued at £10-75m.

Under its new ownership model, the business will undertake an acquisitive international expansion strategy and invest in product development. According to a statement, Converge TS recorded a compound annual revenue growth of more than 50% over the last three years.

The company will continue to be led by its existing management team, spearheaded by founder and managing director Nigel Wright and technical director Andrew Taylor. Tenzing co-founders Guy Gillon and Rob Jones will take seats on the Converge TS board following the deal.

The investment follows Tenzing's acquisition of Leeds-based web-filtering technology provider Smoothwall in October.

Company
Founded in 2006 and headquartered in Warrington, Cheshire, Converge TS provides cloud-based IT services to the UK legal sector. It has partnership agreements with LexisNexis and Thomson Reuters.

People
Tenzing Private Equity – Guy Gillon (co-founder, managing partner); Rob Jones (co-founder); Milan Kellner, Natalia Mann (investors).
Converge TS – Nigel Wright (managing director); Andrew Taylor (technical director).

Advisers
Equity – BDO (corporate finance); CIL (commercial due diligence); Osborne Clarke (legal); Intuitus (IT due diligence); Continuum (management due diligence); Deloitte (tax).
Company – Clearwater International (corporate finance); Ward Hadaway (legal); CLB Coopers (tax).