Sovereign invests in AquaQ Analytics

Harriet Matthews
06 May 2021

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Sovereign Capital Partners has invested in Belfast-headquartered data analytics and data science service platform AquaQ Analytics.

A source close to the situation told Unquote that the relationship between the GP and AquaQ was built off-market, followed by a competitive process in which Sovereign was successful.

Sovereign aims to support the company and its management team with the development of AquaQ's international presence and its range of services.

Following the deal, Guy Warren is to join AquaQ as non-executive chair. Warren is currently CEO of ITRS and also has prior experience with White Clarke and Misys Banking.

Sovereign invested in AquaQ via Sovereign Capital IV, which held a final close on its hard-cap of £395m in August 2014. The fund makes equity investments of up to £50m, targeting businesses operating in sectors including business support services, healthcare, education and training.

Unquote reported in October 2020 that Sovereign was expected to continue fundraising for its latest vehicle, Sovereign Capital V, over the course of 2021. The fund has a target in the £450-50m region, as reported.

The GP has invested in the software and data services sector before; recently it acquired Switzerland-based fund distribution platform Acolin.

Company
Founded in 2011 and headquartered in Belfast, AquaQ provides data analytics products and services for businesses, including financial institutions. Its products aim to help its clients optimise, develop and maintain their database technologies. Its consultancy services also cover software development and project management for data analytics projects. The company employs more than 180 staff and has additional operations in the US. Its revenues have grown at a rate of more than 20% per annum since 2018.

People
AquaQ Analytics – Ronan Pairceir (co-founder, CEO); James Bradley (co-founder, chief operating officer).
Sovereign Capital – Jonathan Thorne (director).

Advisers
Equity – Alantra, Simon Roberts, Josh Jones, Jamie Dickson, Tika Endeladze (M&A); EY, Cary Wilson, Neville Crowe (financial due diligence); Armstrong, Mike Callow (commercial due diligence); DWF, Alasdair Outhwaite, James Morrison, Ciara Healy (legal); A&M, Dafydd Williams (tax); Vista, Peter Warburton, Jamie Oliver (insurance due diligence).
Vendor – Deloitte (corporate finance); Carson McDowell (legal).