US software group swoops for Atlas Products International
A family-owned North West business software company has been sold to a US company in a multi-million pound deal.
In a deal led by Manchester corporate finance house Convex Capital, Wigan-based Atlas Products International has been acquired by Minneapolis company HighJump Software.
Atlas is a provider of B2B e-envoicing and e-business Solutions to more than 2,200 companies in the UK and Ireland and has 50 staff at its offices in Wigan and Dublin.
It was owned by founder Allan W Gray and run by him and his son Allan J Gray, who are remaining with the business post acquisition.
Atlas’ products include Atlas Exchange, a secure document exchange providing a connect-once, access-all network, securely linking retailers, manufacturers, suppliers and logistics service providers.
Allan W Gray said: “This alignment with HighJump provides Atlas tremendous opportunity with additional resources to enhance and market our solutions.
“Our solutions are complementary with the HighJump Software suite and our customers will find value in the technology platform and additional product offerings provided by HighJump.”
Michael Cornell, chief executive of private equity-backed HighJump added: “Atlas offers a unique set of solutions that allow companies to more efficiently transact business electronically and compete more effectively in a connected marketplace,
“This acquisition extends our global trading partner network, both functionally and geographically, and complements our existing HighJump B2Bi business which leads the market in Denmark and Nordic region of Europe and our TrueCommerce trading partner integration network in North America.”
The deal was led by Chris Froggatt and Nathalie Hodgkinson at Convex Capital, assisted by Pete Cheney.
Mr Froggatt said: “Since their original MBO in 1994, Atlas has built a fantastic business through strategic growth and organic international expansion. This transaction is the culmination of careful strategic planning and hard work for all the parties involved.”
Legal advice was provided by Manchester law firm Berg, led by Keith Kennedy and tax advice to the shareholders was provided by Tony Woolley of Pareto Tax and Wealth.
