LDC exits Mitrefinch

Advanced is a UK-based provider of business software and services. The workforce management software developed by Mitrefinch is expected to fit with the buyer's cloud HR product.

During the holding period, LDC provided support for several areas of growth, according to a statement. These included the company doubling revenues to £24m and increasing employee numbers by 64%. In addition, LDC's value creation partners team supported Mitrefinch's approach to product and service pricing, as well as the strategic purchase of US-based Advance Systems America.

Previous funding
LDC invested £20m in Mitrefinch in 2016 for a minority stake. The GP supported the management team to build the company's software capabilities from a largely on-premise product to a suite of cloud-based software, generating recurring software-as-a-service revenues.

Silicon Valley Bank also provided a debt facility to support the deal.

Company
Established in 1979 and based in York, Mitrefinch provides products across integrated time and attendance, payroll, HR, and access control with analytic capability. The company supports 4,400 customers in more than 80 countries to increase productivity, profitability and manage their workforce effectively, according to  a statement.

The company increased international sales to account for 44% of turnover in the current financial year, with established operations in Ireland, the US, Canada and Australia. It generates £24m in revenue.

People
LDC – Richard Ibbett (investment director).

Advisers
Vendor – GCA Altium, Adrian Reen, Phil Chadwick (corporate finance); DLA Piper, James Kerrigan, Chris Wilson (legal).

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• Topics
• Exits
• UK / Ireland
• Technology
• LDC
• GCA Altium
• DLA Piper