Software firm snaps up rival for undisclosed amount
A Manchester based software firm has bought a rival business for an undisclosed amount.
Manchester based Eque2, which provides software for the construction industry, has acquired Somerset company CLiPIT Solutions.
CLiPIT, which is based in Yeovil and was founded in 2002, specialises in fully-integrated construction accounting and job costing software solutions.
The acquisition is part of Eque2’s buy-and-build’ growth strategy and will see firm’s customers increase to 2,300.
Peter Davidson, Eque2 managing director, operations said CLiPIT customers should expect “business as usual”.
He added: “They can also look forward to the benefits of being part of Eque2, and the additional resources, knowledge and investment in product development they will now be exposed to.”
Justin Moule, Eque2 managing director, commercial, said: “The acquisition of CLiPIT has provided an excellent opportunity to acquire the skills, knowledge and technology of a company that shares the same aspirations as Eque2.”
The announcement comes after LDC – Lloyds Bank’s private equity arm – backed Eque2 in a £16m deal in November 2017.
The deal was aimed at helping accelerate its growth strategy and buy-and-build programme.
John Clarke, investment director at LDC in the north west, said: “This latest acquisition cements Eque2’s position as the leader in its field, further enhancing its customer proposition.
“We look forward to continuing our collaboration with the team to continue to unlock new opportunities for growth and expansion.”