Software investor swoops for Coventry firm
Investor Banyan Software has announced the acquisition of two companies, including one from Coventry.
Banyan, which is based in the US and focuses on acquiring, building and growing successful enterprise software businesses, has acquired specialist software providers Element34, headquartered in Lachen, Switzerland, and Clockwork IT, based in Coventry.
Element34’s flagship product, SBOX, allows enterprises to test the functionality of their web and mobile applications across multiple browsers and mobile devices at scale.
Customers include government organisations, global brand owners and several leading European banks and insurance companies.
The Element34 acquisition follows the acquisition of Coventry-based Clockwork IT, bringing the Banyan UK and European headcount to roughly 100 full-time employees.
Founded in 2003, Clockwork IT delivers field service management software that helps maximise the efficiency and productivity of thousands of remote workers across the UK.
Its core platform, Total CTRL, includes dynamic scheduling tools, mobile app connectivity, an integrated CRM system and automated billing capabilities.
Steve Adams, founder of Clockwork IT, said: “It was paramount for me to find the right partner to support and drive Clockwork’s long-term success. We’re delighted to have found that in Banyan. The valuable insights and expertise that the team can bring is already clear to us, and we’re excited to be involved with the next chapter of Clockwork’s growth.”
Given the strong pipeline of enterprise software businesses throughout the UK and Europe, Banyan is accelerating plans to further expand its M&A team.
Graham Carney, UK and European M&A director at Banyan Software, said: “It was clear to us that there is a wealth of opportunity to partner with leading B2B software businesses in the UK and Europe, which led Banyan to invest in a dedicated team on the ground earlier this year.
“Now, having closed two acquisitions within weeks of each other, this is a testament to the value that our locally based investment team can bring. We’re delighted to welcome Element34 and Clockwork IT to the Banyan group, and we’re excited to build on our acquisition strategy in 2023.”
Banyan was advised on the transaction by Christopher Letters and Jeremy Millington at Gowling WLG and Nicolai Nuber at Kellerhals Carrard in Zurich.
London-based M&A advisory firm Ciesco (led by Chris Sahota) and legal firms Osborne Clarke (Chris King) and MLL Legal (Daniel Schoch) advised Element34 on the sale to Banyan.
