Private equity firm Livingbridge has sold Symphony Ventures, an automation business, for a 2.4x return on investment.
The business was sold to Sykes Enterprises, a US business process outsourcing firm, for £52 million.
Symphony was founded in 2014 and automates operational processes that are manual, repetitive, complex and time consuming through Robotic Process Automation (RPA) and Intelligent Automation solutions, deploying third party software as well as its own internal IP.
Livingbridge originally invested £3.5 million in Symphony Ventures in August 2017. Since then, Symphony has expanded internationally into India, Latin America and the US, opened a Robotic Operating Centre in Poland, and almost doubled its total headcount.
Henry Alty at Livingbridge said: “Symphony Ventures is a pioneer in the rapidly growing RPA and Intelligent Automation space, a multi-billion-pound sector we have monitored since its inception, and that the UK is a genuine world leader in. We’re thrilled to have been part of Symphony’s fantastic growth journey.”
David Poole, CEO of Symphony Ventures, added: “Henry and Livingbridge have been the ideal partner for our business over an intense period of rapid growth and development. Having trusted in our vision and backed our strategy, they have helped us to move our business forward to the point where we are now able to partner with a firm of Sykes’ size, scale and global standing.”