Private equity firm Synova Capital has sold Meritsoft, a software provider, generating a 4x return on its investment and IRR of 47% plus earn-out.
The business was sold to Cognizant, a professional service company.
Meritsoft provides software solutions to clients operating in global capital markets, enabling them to automate post-trade processes, increase efficiency and comply with regulatory requirements.
During Synova’s period of investment Meritsoft opened a New York office and tripled the number of employees, with its revenues and earnings growing fourfold.
Philip Shapiro, a Managing Partner of Synova and a Non-Executive Director of Meritsoft, said: “We partnered with an excellent management team to help accelerate growth in a fantastic business both in the UK and internationally.”
Kerril Burke, Founder and CEO of Meritsoft, said: “We have benefited from a great partnership with Synova, which has been a key part of Meritsoft achieving its strong growth.”