VC-backed Atego sold to PTC for $50m

PTC's acquisition is designed to strengthen its product and application lifecycle management solutions.

Previous funding
Atego as it stands today was formed through the merger of French security software firm Aonix and UK-based Artisan Software Tools in January 2010.

Albion and ETV backed Atego in February 2012 alongside a number of private investors, according to unquote" data.

Artisan carried out several funding rounds prior to its merger with Aonix. According to unquote" data, 3i backed the company in August 1997 with a £900,000 investment as part of a £1.5m funding round.

3i invested a further £853,200 in the company in May 1998 alongside a £568,888 investment from Spark Ventures (then Quester Capital Management). In July 1999, the two firms returned alongside Pond Venture Partners to inject around £3m into Atego.

In July 2000 Atego raised a further £5.7m from new investor Pi Capital as well as returning backers Pond Venture and Spark.

Albion first invested in Atego in 1998 via its Kings Arms Yard VCT, according to the firm's website. Albion has invested £2.4m in the company.

Company
Originally founded in 1996, Atego is headquartered in Cheltenham with a US office in San Diego. The company provides security software tools and services for companies, including software for real-time, embedded and safety-critical applications. It serves the aerospace and defence, automotive, energy and utility industries.

Atego generated around $20m in turnover in the last 12 months.

People
Richard Horsman is the CEO of Atego. Albion partner Robert Whitby-Smith sits on the company's board of directors.

Advisers
Company – Corum Group (Corporate finance).

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• Albion Ventures (formerly Close Ventures)