LDC sells Avelo for £210m

LDC reaped in excess of 2x money on the exit.

Iress provides services for financial markets and wealth management. Iress's clients range from large corporations to independent operators in Australia, Asia, New Zealand, Canada, South Africa and the UK. The deal is designed to increase the UK presence of Iress, while aiming to further Avelo's growth and expansion.

LDC invested £42m in the £115m management buyout of Avelo in August 2009. During the four-year holding period, LDC has backed the management's strategy of extending the range of Avelo's products and services, as well as building the business both through organic investment and bolt-on acquisitions.

LDC provided follow-on funding for Avelo by supporting the bolt-on acquisition of N4 Solutions, a distribution and processing technology company for mortgage and wealth management, in June 2010.

In 2011, LDC also provided funding for the subsequent purchase of Screen Business, which provides bespoke website design to help intermediaries interact with their clients online.

Last year LDC backed the company's further expansion with Avelo's acquisition of TrigoldCrystal, a UK supplier of technology solutions to mortgage distributors.

Company
Avelo is a financial services software provider that has close to 32,000 registered users. The company develops, markets and supports software delivering financial planning, client management and full back-office administration to more than 1,600 adviser firms.

People
Daniel Sasaki is a managing director in LDC's London investment team. Waqqas Ahmad is an investment director in LDC's London team. Simon Badley is the CEO of Avelo. Andrew Walsh is the CEO of Iress.

Advisers
Company - Arma Partners LLP (Corporate finance).

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