Private equity firm Horizon Capital has invested in Ascent Software and completed the simultaneous acquisition of TechHuddle in a £30 million transaction.
Ascent is a provider of custom software development for mid-market and enterprise customers in the UK and Germany. TechHuddle provides software development services with a focus on IP development in the UK market.
The combined business has over 100 clients and employs over 300 developers in delivery centres in Malta and Bulgaria.
Stewart Smythe is joining the business as CEO and will work alongside Ascent founder and COO Joseph Sultana.
Stewart Smythe, CEO of Ascent, said: “Ascent is a scaled, high quality provider in this emerging market with EBITDA in excess of £5 million. Over the next three years we will accelerate organic growth through an enhanced go-to-market offering whilst extending our already impressive technical capabilities through further acquisitions.”
Simon Hitchcock, Horizon Managing Partner, added: “We are thrilled to be working with Stewart Smythe again and delighted to be investing in Ascent, a high quality platform from which to drive consolidation of a fragmented and high growth market. Under Stewart’s leadership Ascent’s technical excellence and long-term client relationships position it well to become a stand out asset in the sector.”
The transaction is Horizon’s third technology services buy-and-build investment it has completed this year and follows the management buyout of data analytics provider Strat 7 in March and Investment in Education software provider Juniper Education in June.