Second deal in a week for BGF with SkyDox investment

SEP led the transaction, which also included an investment from SkyDox's management and other employee shareholders. The fresh capital allowed SkyDox to acquire Workshare, a document comparison and policy management business, and will fund the growth of the combined entity.

The investment was motivated in part by the growth prospects for the online content storage collaboration software market, which IT market analyst Gartner expects to see growing to $8bn by 2014.

This is the second deal announced in a week for BGF, which also invested £3m in Midlands-based footcare provider Shuropody.

Company
Founded in 2009, Witney-based SkyDox develops cloud-based document collaboration software for the business sector. Its client list includes the NHS, PricewaterhouseCoopers and the European Court of Human Rights.

Workshare was estblished 10 years prior to SkyDox. It supplies document comparison and policy management services to businesses. Workshare's client base spans 70 countries and includes more than 60% of Fortune 1000 companies.

People
Andrew Davison led the deal for SEP. BGF was represented by Chris Hodges. Anthony Foy is CEO of SkyDox.

Advisers
Company (SkyDox) – Torch Partners (Corporate finance); Mishcon de Reya (Legal); PricewaterhouseCoopers (Financial due diligence); Intuitus (IT due diligence).

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• Topics
• UK / Ireland
• Expansion
• Technology
• United Kingdom
• Scottish Equity Partners
• BGF (Business Growth Fund)
• Acquisition finance