August sells 4Projects to TA-backed Coaxis

Viewpoint is a US business owned by Coaxis, which received a $76m injection from TA Associates last year.

The deal was sourced off-market and represents the second exit for August Equity's Fund II, which closed on £155m in 2008. The first exit was Enara, which was sold for £111m to trade buyer Mitie last October.

August initially completed the buyout of 4Projects in July 2007 with debt from Kaupthing Singer and Friedlander. Since then, the business has developed its international presence.

Company
Sunderland-based 4Projects provides secure online collaboration software for clients in the building and infrastructure sectors, delivered via a software-as-a-service model. Its software has been used on projects including the Olympic Park main stadium and media centre, the Emirates Stadium, the OCS Stand at the Brit Oval and the London Array. The firm employs 61 people, up from around 50 at the time of the 2007 buyout.

4Projects was founded in 2000 and turned a profit two years later. In the year to 31 March 2012, 4Projects achieved a profit of £1.82m, up from 2011's £1.36m. Revenues stood at £5.07m.

People
Richard Vertigan is CEO and founder of 4Projects. Ian Grant and Philip Rattle are partners at August.

Advisers
Vendor – DLA Piper, Peter Wayte, John Gallon (Legal).
Equity – Pinsent Masons (Legal); Goodwin Proctor (Legal); KPMG (Tax).

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• Topics
• Exits
• Technology
• UK / Ireland
• United Kingdom
• August Equity LLP
• TA Associates
• Pinsent Masons
• DLA Piper
• Trade sale