Matrix acquired by Jigsaw24
NORTHEDGE portfolio company Jigsaw24 has acquired Knutsford software developer Matrix.
The £80m turnover Jigsaw24 business, which is based in Nottingham and has an office in Salford, specialises in reselling technologies based around Apple computer systems.
It said Matrix’s software sat well with Adobe and Apple products and would complement its range of services.
The business is controlled by Nick and Michelle Speakman and had net assets of £690,000 in the year to July 2013. It mainly works with retailers and counts Boden, Next, Maplin and GoOutdoors as clients. The value of the deal was not disclosed.
Mr Speakman said: “We are extremely pleased to be joining the Jigsaw24 Group and are looking forward to working together with Martin and the team to grow the business further and take Matrix to the next stage of its development.”
Jigsaw24 chief executive Martin Balaam said: “Matrix is a perfect fit for Jigsaw24, with a software product that sits well with Adobe and Apple and complements our existing range of services and our creative customer base. Furthermore, with the support of Jigsaw24’s sales and marketing team we are confident that future sales of Matrix’s software can be significantly enhanced.”
Tom Rowley, investment director at Manchester-based NorthEdge, said: “The acquisition is the second this year for Jigsaw24, following a sustained period of sales growth for the business. The transaction represents delivery of our commitment to increase the proportion of higher margin support and service revenues both through organic growth and bolt on acquisitions. The purchase of Matrix strengthens Jigsaw’s offering, and puts the business in an enviable position from which to continue its growth.”
