US firm snaps up York company

A York-based software and solutions company has been acquired by US technology group Magnitude Software.

The deal will see the management team at Agility Multichannel, which also has offices in the US and Sweden,  continue in leadership roles after was is known to have been a ‘significant’ acquisition.

Richard Hunt, CEO of Agility Multichannel, now vice president of Agility Solutions for Magnitude, said: “Becoming part of a larger enterprise with strong organisational execution capabilities at scale, plus expertise within adjacent markets, accelerates our ability to capitalise on the push for digital transformation, which we see as imperative for companies seeking to improve or expand their commerce presence.

“The combined strengths of Magnitude Software and Agility Multichannel open up opportunities to deliver a broader range of complementary solutions that addresses the expanding and highly specialised needs of enterprises driving digital transformation.”

Chris Ney, chairman & CEO of Magnitude Software, said: “With the addition of Agility Multichannel we can expand our capabilities in a growing and relatively under-served market with an agile PIM solution for product content management and syndication  – without which organisations cannot efficiently deliver the content necessary for integrating into leading digital commerce solutions.”

The Agility Multichannel business was originally acquired from the Pindar Group in a management buyout led by Richard Hunt, Graham Cook and Jason Simpson in 2011.

Martin Frost, corporate finance partner at Lupton Fawcett,  led the team advising Agility on the sale to Magnitude Software. He said: “I am delighted to have been able to assist the team on securing the sale. Agility and Magnitude are a great fit and I have no doubt that they will go on to be even more successful together.”

The management team were also advised by Rory O’Sullivan and Mihail Ivanov of Pagemill Partners, who provided M&A advisory and financial advice.

Walker Morris were legal advisors to Magnitude Software.