SEP exits IndigoVision

The GP, which had already invested in the business during its start-up phase 15 years ago, has sold its 6.63% stake, or 500,000 shares, at 442p each. It bought the shares for 255p each, resulting in a £1m gain for the GP.

Previous funding
SEP bought its stake in IndigoVision through company Kuiper Ltd for £1.275m in December last year with a view to launching a full offer later and taking the company private.

SEP and IndigoVision's founder Oliver Vellacott had seen three MBO offers rejected by the company's board as they were deemed to be undervaluing the business. Vellacott subsequently left his position as CEO and sold its 23% stake to institutional investors, including Liontrust Investment Partners, Hargreave Hale and Standard Life Investments.

Company
IndigoVision has developed a software, called ONVIF, for the connection and management of security systems. The company also provides end-to-end services in partnership with third party suppliers and service providers. The business is based in Edinburgh and has 15 regional offices across the globe. Its 2012 accounts show revenue figures of £30.3m and an operating profit of £2.66m.

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• Topics
• Exits
• UK / Ireland
• Support services
• United Kingdom
• Scottish Equity Partners