Digital and creative fund makes first exit

THE North West Fund’s digital and creative pot has made its first exit with the sale of Adaptis to the listed group Paypoint.

Adaptis, which has bases in Liverpool and London, provides a range of parking services, including electronic parking permits and automatic number plate recognition systems for car parks.

It has been acquired by PayPoint’s PayByPhone subsidiary which also sells services to car park managers.

The digital and creative fund, run by AXM Venture Capital, invested £250,000 in Adaptis in June 2012 in return for an equity stake. The value of the PayPoint deal was not disclosed but represented an initial rate of return of 70%.

Founder and chief executive Manni Marway said: “The North West Fund for Digital & Creative has been a pro-active and supportive shareholder since its involvement in 2012 and I am delighted their investment and advice has been rewarded with a successful exit.”

AXM investment director David Smith said: “We are delighted to have demonstrated our ability not only to identify and nurture successful growth businesses, but also to achieve a profitable exit. This realisation provides additional finance for the legacy fund which will invest in future generations of North West businesses.”

The North West Fund for Digital & Creative is part of The North West Fund and is financed by the European Regional Development Fund and the European Investment Bank.

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