Private equity firm Mobeus has sold design software business Lightwork Design to Siemens.
Lightwork Design provides photo realistic rendering and collaborative virtual reality design review software.
Mobeus originally invested £1.9 million in the management buyout of Lightwork Design and Machineworks, a group of two companies known together as VSI, in 2006.
VSI was demerged in 2011 and three years later Machineworks was sold to Dr Johannes Heidenhain, a German machine tooling and encoder business.
The combined sales of Lightwork Design and Machineworks have delivered a 4.8x return on Mobeus' original investment in VSI and a 29% IRR to shareholders.
Jane Reoch, Investment Director at Mobeus, said: “When Mobeus invested in VSI we backed two extremely smart management teams. Each team developed highly innovative software and built excellent customer bases. As a result both Lightworks and Machineworks are now part of international corporates, bought for their strategic importance and best in class technologies.”
David Forrester, CEO of Lightworks, added: “Mobeus has been a great business partner to Lightworks. They have shown great support to me and the management team and brought a wealth of experience, which was a key part of our success today.“