BC, Vista-backed Advanced buys Tikit from BT Group

[Editor's note: BC Partners is a minority owner of Acuris, the parent company of Unquote]

With this add-on, Advanced plans to consolidate its market position in the business management software market across the UK, while simultaneously expanding its global footprint in North America, Australia, Europe, the Middle East and Africa.

According to a statement, the divestment of Tikit aligns with BT's ongoing transformation strategy aimed at focusing on converged connectivity and services, with further investments in both its fixed and mobile networks.

Vista acquired Advanced in a £725m take-private in 2014. The deal valued the business at 16x its EBITDA.

Subsequently, BC Partners bought a 50% stake in Advanced in August 2019 in a deal valued at around £2bn, including debt. The GP invested from BC European Capital X, which closed in January 2018 on its €7bn target. Vista Equity Partners retained a stake in the business.

Following the investment from BC, the company completed a cross-border refinancing, with $330m and £285m term loan B tranches.

This is the eighth bolt-on during Vista's holding period and the second since BC became a shareholder. It follows the purchase of CareWorks, a Dublin-based healthcare software provider, acquired in November 2019.

Company
Established in 1994 and based in London, Tikit develops legal and business software for practice and case management; time and billing; document lifecycle; and marketing and business development.

In addition to its proprietary software, the company also provides complementary applications from long-standing partners.

People
Advanced – Gordon Wilson (CEO).
BT Group – Gerry McQuade (CEO of BT's enterprise unit).
Tikit – Simon Hill (CEO). 

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Portfolio management
• UK / Ireland
• Technology
• BC Partners
• United Kingdom
• Build-up
• Buy-and-build