American software acquirer picks up telecom equipment supplier
Worsley-based telephony technology business Invosys has been acquired by Dura Software, a leading US buyer of niche software companies. The deal will see the founders and existing shareholders sell their stake in the business for an undisclosed eight-figure sum.
In the last set of filed accounts for the business Invosys made £506k of pre-tax profits on turnover of £7.4m.
In recent filings the business has satisfied a number of charges over the assets of the business, likely to have been linked to the funding packages secured from Santander UK as part of its growth plans in 2019 which also consolidated its loans with a single lender.
Best known for its cloud comms platform and call logic software, Invosys was established in 2006 and provides high-tech inbound and call management telephony solutions. In 2020, the firm broadened its reach with the acquisition of installation and maintenance services provider Atrium Telecom.
Peter Crooks
Invosys co-founder Peter Crooks, who will remain with the business as a consultant, said: “This sale makes perfect sense for both businesses. It opens an exciting new chapter for Invosys, taking our innovative telecoms products into many new global markets alongside some fantastic complementary technologies that Dura has been bringing together through a number of key acquisitions.”
US-based Dura Software has a track record of acquiring, owning and operating ‘hyper-niche’ software businesses. Invosys is the company’s 17th acquisition globally and its portfolio of companies includes SecureVideo, Vertex Systems and 6Connex.
“Acquisition and deepens our focus and commitment to the UK market and the telecom services segment,” said Dura Software CEO Paul Salisbury. “Their outstanding track record for developing a strong suite of solutions and exceptional customer service make them a valuable addition to our portfolio. We look forward to continuing to grow the business with the excellent team we have in place.”
“This is a fantastic opportunity for Invosys to continue our innovative work with the backing of a larger group,” said the incoming CEO of Invosys Jane Anderson. “We are eager for the resources and expertise that Dura Software will afford our company, as it will enable us to accelerate our growth and enhance our product offerings to customers.”
Crooks was advised by CorpFin, an independent corporate finance boutique based in Harrogate.
Corpfin founder Chris Silverwood, along with fellow Corpfin partner Phil Winspear advised the board of Invosys on the deal after successfully securing Dura as a buyer during a 12-month strategic global sale process.
DWF in Manchester provided legal advice to the shareholders in the transaction, David Wilson of Wilson & Co in Leeds provided tax advice, and Farrer & Co provided legal advice on the transaction on behalf of Dura, as well as signing off the satisfaction of charges.
Chris Silverwood of Corpfin said: “Sometimes, bringing two businesses together can add more value to both, and that’s precisely the case here. Over the last two decades, Invosys has secured a market leading position in its niche field, and built up some remarkable tech IP that has huge potential within a larger technology group.
“Congratulations to the founders and to the management team who now have a massive opportunity to take the venture forwards and go global.”
