BGF exits Inoapps, generating a 4.5x return
Global Oracle partner Inoapps today announced that it has signed an agreement with Abry Partners, a leading Boston-based private equity firm, which has taken a substantial stake in Inoapps, resulting in joint control with founder and CEO Andy Bird. The investment will accelerate both acquisition-based and organic growth, as well as continue to drive the innovation of new services and increase headcount.
As part of the deal, previous investors BGF will exit their investment in Inoapps, having realised a 4.5x return on the investment made in 2013. The £10m funding from BGF enabled Inoapps to increase its global presence dramatically, particularly in the US and Asia, investing in developing expertise and technology in the Oracle stack.
Since its founding in 1989, Abry Partners has focused on media, communications, business and information services to become one of the most experienced private equity firms investing in North America and Europe. Combining a flexible and patient investing strategy with real-world domain expertise, the firm targets profitable companies in its sectors with operating characteristics and competitive dynamics that drive long-term value.
Nicolas Massard, Partner at Abry Partners said: “Building on our successful track record in the specialized consulting and managed services sectors, we are excited to team up with Andy, a successful entrepreneur who has built a fast growing practice around the Oracle ecosystem.”
Andy Bird, CEO Inoapps said: “Since our first meeting I recognised that Abry Partners would be a great partner for our future. Abry offers something different – a proven track record of helping technology-based businesses capitalise on both the North American and European markets.
In addition, the operational support team with experts in various disciplines, made the culture a perfect fit for our next phase of growth as we head towards 1,000 employees by the end of 2022.”
The investment follows a period of record growth. Since the start of 2021, Inoapps has:
- Committed to continuing an Oracle only Software Vendor Strategy
- Doubled equivalent revenue in H1 FY22, compared to H1 FY21
- Seen 70% employee growth globally, including a 122% increase in headcount in Asia, 109% in the US, and 43% in the UK
- Launched a new Indian operation, expanding the Inoapps footprint throughout Asia
- Secured Inoapps’ largest ever global contract win, and projects with a global engineering and construction business to power 19,000 employees across 30 international markets with an ERP and supply chain platform
Andy Bird concluded: “Behind these headlines, we have worked to ensure that our growth will be sustained. For example, throughout 2021, we more than doubled the value of our booked work and the amount of work won for the next financial year.
Combined with a new board structure, new capital and our ongoing commitment to excellence, we are set to accelerate drastically our growth throughout North America, Europe and beyond. I would like to thank everyone involved in this transaction, as well as Kevin Lyon, Bobby Anderson, and Mike Sibson all who have left our board after great service.”
BGF has been a long-term supporter of Inoapps’ aggressive expansion, driven by a combination of ambitious management, excellent delivery and by always being at the leading edge of the Oracle suite. After nine positive years of collaboration, this new investment marked an appropriate moment for BGF to exit and we are sure Inoapps will continue to be successful.
Richard Pugh, investor at BGF
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