Fast-growing tech firm acquired by US IT giant
A fast-growing Bristol tech company has been snapped up by a US-based tech company.
Amdaris has been acquired by Insight Enterprises Inc, a Fortune 500 Solutions Integrator focused on driving client success through digital transformation.
Through this acquisition, Arizona-based Insight will add Amdaris’ software development, application support, managed services and consultancy services to its broad solutions portfolio and IT supply chain capabilities.
Headquartered in Bristol, Amdaris is one of the UK’s fastest-growing technology companies. Led by co-CEOs, Vlad Nanu and Andy Rogers, the company provides SMEs with teams of software developers to deliver digital transformation and bespoke application projects.
Amdaris’ team in Bristol is supported by delivery centres in Moldova, Romania and the UAE, providing customers with nearshore services through a company-wide collaborative approach to software development.
As part of the deal investor BGF has announced its exit from the company.
BGF originally backed Amdaris with a £3m investment in May 2020 to support its ambitious growth plans. During the past three years, Amdaris has successfully scaled its operations and opened new offices in Bulgaria (Sofia) and Ukraine (Odesa). Developer headcount has increased from 250 in May 2020 to 735, with the business also reporting 94% year on year revenue growth in 2022.
Nanu said: “BGF has been an excellent partner and its investment in 2020 played a critical role in the growth of the business. Over the past three years, we have invested in people and systems, increased our developer headcount, expanded into new geographies and diversified our customer base – all of this has led to strong revenue growth, positioning us as one of the fastest growing tech businesses in the UK.”
Andy Rogers, co-CEO of Amdaris, said: “BGF has been strongly aligned with our vision throughout the partnership, with the team playing an important role in getting us to where we are today. We’re delighted to be embarking on our next chapter of growth through the acquisition by Insight, and look forward to seeing what the future holds.”
Alex Garfitt, investor at BGF, said: “We are very pleased to announce our exit from Amdaris following a successful three-year investment period that has seen the business deliver exceptional organic growth. Amdaris is now one of UK technology’s most exciting success stories and it has been a privilege to be part of the company’s fantastic growth journey. We wish Vlad, Andy and the entire Amdaris team all the best on their next exciting chapter.”
Amdaris’ shareholders were advised by KPMG Corporate Finance’s South West team (Tim Spooner, Tom Simmonds and Ewa Bakowska) and TLT (Nina Searle, Hannah Ward, Irina Angliss and James Webb).
The TLT team was led by corporate partner Nina Searle with senior associate Hannah Ward, associate Irina Angliss and trainee Isabel Evans. The corporate team were supported by: Ben Watson, Emma Bradley, Amy Thomson and Chloe Jodkowski (employee incentives); Ellie Bennun (real estate); Ed Hayes (data protection); and Tom Green (pensions).
Searle said: “We’re delighted to have supported the shareholders of Amdaris on this transaction. Having acted for Amdaris and its founders, Vlad and Andy back in 2020 on the BGF investment, we have watched the business grow at an astounding rate, resulting in this successful exit for all of the team. This deal recognises the award-winning expertise and technological capability of Amdaris’ business, and it will no doubt be a fantastic addition to Insight’s global application and data & AI practices. This deal also highlights the considerable opportunities within the UK’s technology sector at the moment, particularly the digital M&A market for solutions integrators, including overseas investment as in this case.”
