Unquote

Livingbridge acquires RealVNC

Enterprise software
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Livingbridge has acquired UK-based remote access software RealVNC, marking the firm’s second deal announcement in two days.

RealVNC completed the spin-off of its automotive division in 2018, establishing VNC Automotive as a separate company via an MBO.

Following Livingbridge’s investment, the GP intends to support RealVNC in taking advantage of available market opportunities, including international growth, the firm said in a statement.

David Parry-Jones is to join RealVNC as chairman, following executive experience at companies including Twilio and Microsoft.

Livingbridge acquired a majority stake in Jungle Creations in a GBP 30m deal announced on 25 August, as reported.

Livingbridge is deploying equity via Livingbridge 7, which has total commitments of GBP 1.25bn. The deal will be the fund’s fourth platform investment in Europe since its final close, according to Unquote Data, and the fund expects to make 20-22 platform deals over a five-year investment period. The vehicle writes equity tickets of up to GBP 150m, backing businesses with enterprise values of up to GBP 300m.

The GP has made six platform deals to data in 2020, according to Unquote Data.

Company
RealVNC is a software platform that allows users to take control of a device remotely, via a secure connection. The software has applications in remote IT support, where it allows users to see the screen on a device they are accessing remotely. In addition, the company's VNC Connect software can be used in connected devices including medical ventilators, set-top boxes and industrial machinery.

The company was founded in 2002 and is headquartered in Cambridge. RealVNC posted 2020 revenues of GBP 8.7m and operating profit of GBP 2.2m, versus revenues of GBP 6.9m and operating profit of GBP 640,000 in 2018, according to its latest publicly available accounts. Recurring revenues grew by 38% between 2019 and 2020.

People
Livingbridge – Simon Peet (partner).
RealVNC – Adam Greenwood-Byrne (CEO); David Parry-Jones (chairman).

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