Software firm kicks off European M&A drive with double acquisition
Wed, 28 Dec 2022 | BUSINESS SALE
US-based software investor Banyan Software has announced its first two acquisitions as it embarks on a buy and build acquisition strategy in Europe. The firm is planning to acquire and build enterprise software businesses in the UK and Europe.
Its first two deals have seen it acquire Coventry-based specialist software provider Clockwork IT and Element34, which is based in Lachen, Switzerland. Clockwork IT, which was founded in 2003, produces field service management software designed to maximise the productivity and efficiency of remote workers.
Its core platform is Total CTRL, which includes an integrated CRM system, automated billing, dynamic scheduling tools and mobile app connectivity. Element34 produces SBOX, which enables organisations to test web and mobile app functionality across multiple browsers and devices at scale.
Following the acquisitions, Banyan’s European and UK headcount has grown to around 100 full-time employees. The deals add to the company’s existing UK presence in Cardiff, in addition to its Atlanta, US headquarters and Canadian base in Toronto. The firm’s UK and EU acquisition drive is being headed by M&A director Graham Carney, who is based in the North West of the UK.
Graham Carney commented: "It was clear to us that there is a wealth of opportunity to partner with leading B2B software businesses in the UK and Europe, which led Banyan to invest in a dedicated team on the ground earlier this year.”
"Now, having closed two acquisitions within weeks of each other, this is a testament to the value that our locally based investment team can bring. We're delighted to welcome Element34 and Clockwork IT to the Banyan group, and we're excited to build on our acquisition strategy in 2023."
Clockwork IT founder Steve Adams said: "It was paramount for me to find the right partner to support and drive Clockwork’s long-term success. We're delighted to have found that in Banyan. The valuable insights and expertise that the team can bring is already clear to us, and we’re excited to be involved with the next chapter of Clockwork's growth."
Element34 co-founder Michael Palotas added: "We are delighted to be announcing this acquisition with Banyan, who we see as the ideal partner for Element34’s future success. Their unique 'buy and hold for life' strategy enables them to take a long-term view in order to maximise the potential for the company.”
"Their team's expertise in scaling B2B software businesses globally was evident from the outset and we're truly excited to be working with them in the coming years."
Read more about a possible influx of international buyers into the UK M&A market.
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