Nottingham software firm merges with international player
Nottingham-based software firm NoBlue has landed investment capital specialist software & services focused FPE Capital Land has merged with NetSuite solution provider Elevate2.
NoBlue has focused on Oracle NetSuite since 2011 and was recognised as EMEA Oracle NetSuite Partner of the Year in 2022.
Elevate2, founded in 2015, is the largest independent NetSuite solution provider, headquartered in London, with a further office in the Philippines.
The combined business will trade under the name NoBlue2. Ian Irwin, founder of NoBlue, has become CEO of the group, with Alex Lester, founder of Elevate2, becoming COO.
This investment is the fifth investment from FPE Fund III – the firm’s third specialist software and services fund, the final close of which was announced in May 2022, at a raised hard cap of £185m.
As part of this investment, Glenn Timms is appointed as non-executive chair of the group.
Ian Irwin, founder at NoBlue, said: “We identified that FPE was the right partner, not just on its track record of backing software companies and its expertise in the next stage of growth that we are targeting, but also in helping us with key initiatives such as moving further into international markets.
“Additionally, our merger with Elevate2 is a key enabler in our ambitious growth strategy. Elevate2 have displayed impressive growth, serving well a large and diverse portfolio of customers. The additions this merger brings to our project delivery, and leadership, teams are an important step to provide us a solid platform for continued and accelerated growth.”
Alex Lester, founder at Elevate2, added: “This is great news for the whole Elevate2 team and our customers. The synergies between NoBlue and Elevate2 are very strong and will benefit our team and customers alike. We are all very excited about the combination and the future growth opportunities.”
Timms said: “It is a fantastic opportunity to be asked to join the business as non-executive chairman. The businesses have already each developed market leading positions that generate material value for their clients and the combination is poised for significant future growth. I look forward working with the team and to supporting them as we scale further.”
Dan Walker, partner at FPE, added: “FPE is delighted to have completed this investment into NoBlue2, our fifth from Fund III. Our investment focus is on enabling software founders and teams to go through a second stage of growth and scaling after they have established their business and reputations in a chosen B2B sector.
“We consider the opportunity for ERP and related applications to be significant and growing, and could quickly see the value that Ian and Alex had built in their respective businesses, and the power of the combination. We are excited to be working with them on the next part of this journey and to further build the group organically and via acquisition.”
