Cloud-based payroll and accounting software firm undergoes MBO
Mon, 03 Jun 2024 | MBO/MBI
My Digital, a Cheadle Hulme-headquartered provider of cloud-based payroll and accounting software, has undergone a management buyout (MBO). The deal has secured a successful exit from the business for Maven Capital Partners.
MyDigital Accounts Limited provides a fully integrated, scalable and secure system to enable clients to accurately process their payroll runs at speed.
The service is designed for umbrella companies, accountancy practices and staffing agencies operating in the temporary workforce market. The company supports more than 70 firms, enabling them to pay temporary workers accurately and on time.
NPIF – Maven Equity Finance which is managed by Maven and part of the Northern Powerhouse Investment Fund (NPIF) invested £1.2 million in the business in 2019, enabling it to significantly scale it operations, develop a range of innovative products, enhance its marketing and double its workforce.
John Whelan, chief executive of My Digital, said: "This management buyout is a testament to the hard work and dedication of our entire team and the unwavering support from Maven and the first Northern Powerhouse Investment Fund.”
Karen de Meza, portfolio director at Maven, added: "We are delighted to see My Digital transition into this new phase of ownership. The management buyout is a testament to the company's strong leadership and solid financial foundation, which were developed under our partnership.”
"At Maven we look to build long term positive working relationships with the people we back providing insight and strategic input through board and operational engagement. This exit marks another milestone in Maven’s track record of identifying and developing high-potential businesses.”
Read more about the factors driving the growing prominence of MBOs in succession planning
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