Meridio (United Kingdom) - Nov 2007

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01 November 2007

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ACT Venture Capital has wholly exited its stake in Meridio, a provider of enterprise document and records management services, in a sale to LSE-listed software company Autonomy, a specialist in the field of Meaning-Based Computing (MBC), which enables computers to understand the links between disparate pieces of information. Autonomy is understood to have paid £20m in cash and shares for the business, with ACT saying in a statement that it would make approximately £12.5m from the deal.

Previous investment

ACT originally backed in Belfast-based Meridio in 2001, shortly after it span out from software company Kainos, as part of a syndicate that took a majority holding in the business, with ACT leading the financing and taking a 26% stake (27 August 2001, page 19). The company received a further injection of capital in June 2004, when Boston-based Polaris Ventures led a £5m second funding round, taking a 22% stake, with ACT reinvesting and increasing its stake to around 40%. Meridio has experienced significant growth in the years since the initial investment, currently employing 160 staff across offices in Ireland, the UK, the US and Australia and generating annual revenues of more than £11m.