Private equity backed software firm makes first acquisition
Software business CMap has acquired Atvero, a specialist technology company which sells software to architect and engineers.
Based in Alderley Edge, Manchester, and the US, CMap provides project and resource management software to architects, engineers and construction companies, while Atvero products are described as document and email management software for the same market.
The acquisition is the first since CMap received investment from private equity firm NorthEdge in December 2019, with a hint of more to come.
Over the last three years NorthEdge has invested in recruitment and expanding into new sectors and territories.
Dave Graham, chief executive of CMap, said: “Bringing Atvero into the CMap family enables us to offer Architects, Engineers and Construction firms a unique proposition — the industry’s first cloud-based, best-of-breed project, document & email management solution.
“Our combined offering helps free our clients from the day-to-day complexities of running their companies and lets them focus on what they love: delivering outstanding projects.”
Between them the two companies have almost 500 customers worldwide working across 100,000 projects.
The two businesses and their product lines will integrate, but each product will maintain its own independent roadmap and development team. Marcus Roberts, director and co-founder of Atvero, will lead the Atvero business unit within CMap, based in London.
Dan Matkin, director at NorthEdge, added: “Over the last few years, CMap has continued to establish a strong position, with a growing US presence. The acquisition of Atvero is a significant step in its growth journey as the business continues to scale, and we’re looking forward to supporting both the CMap and Atvero teams to fulfil their potential over the coming years.”
NorthEdge has a strong track record of supporting businesses in the technology sector, with the firm supporting five bolt-on acquisitions for its technology portfolio in the last twelve months. The private equity firm works with leading technology businesses such as cloud migration specialist, Cloud Technology Solutions, specialist investigation software firm, Altia, energy technology and data services business, Correla, and Friend MTS, a global provider of content protection software and services.
