Private equity firm exits from software firm

Private equity firm Livingbridge has sold an Alderley Edge based software specialist.

The deal involving Kirona has generated a gross return of 3.1x for investors.

The firm was founded by chief executive David Murray and chief technical officer Neil Harvey 15 years ago.

Livingbridge invested in Kirona December 2014, backing the existing team.

Over the period the company has grown every year and expanded into local and central government, utilities and infrastructure, and retail.

Kirona has been bought by Advanced, a provider of business software and services.

David Murray said: “With Livingbridge’s support, we have realised the ambition of becoming one of the leading specialist workforce management and resource scheduling software providers across multiple sectors.”

Pete Clarke of Livingbridge added: “It’s been great to work with David, Neil and the team at Kirona since our original investment in 2014.

“We are really proud of the progress Kirona has made in reinforcing its position as a clear market leader in the sector.

“We look forward to seeing their growth trajectory continue over the coming years.”

Gresham House Ventures has also sold its stake in Kirona, generating a gross return of 3.1 x for the Baronsmead VCTs.

The fund first invested in December 2014.

Bevan Duncan at Gresham House Ventures said: “The sale of our investment in Kirona represents another strong realisation for the Baronsmead VCTs and builds on Gresham House Ventures’ reputation as an investor in high growth technology businesses.”