BGF completes successful exit of Amdaris

The Bristol-based software developer has been acquired by Insight Enterprises Inc, a Fortune 500 Solutions Integrator.

17 August 2023

BGF has announced the successful exit of Amdaris, an award-winning software development and digital services specialist.

Amdaris has been acquired by Insight Enterprises Inc, a Fortune 500 solutions integrator focused on driving client success through digital transformation. Through this acquisition, Insight will add Amdaris’ innovative software development, application support, managed services and consultancy services to its broad solutions portfolio and IT supply chain capabilities.

Headquartered in Bristol, Amdaris is one of the UK’s fastest-growing technology companies. Led by co-CEOs Vlad Nanu and Andy Rogers, the company provides SMEs with teams of software developers to deliver digital transformation and bespoke application projects.

Amdaris’ team in Bristol is supported by delivery centres in Moldova, Romania and the UAE, providing customers with nearshore services through a company-wide collaborative approach to software development.

BGF originally backed Amdaris with a £3 million investment in May 2020 to support its ambitious growth plans. During the past three years, Amdaris has successfully scaled its operations and opened new offices in Bulgaria (Sofia) and Ukraine (Odesa). Developer headcount has increased from 250 (in May 2020) to 735, with the business also reporting 94% year-on-year revenue growth in 2022.

Vlad Nanu, co-CEO of Amdaris, said: “BGF has been an excellent partner and its investment in 2020 played a critical role in the growth of the business. Over the past three years, we have invested in people and systems, increased our developer headcount, expanded into new geographies, and diversified our customer base – all of this has led to strong revenue growth, positioning us as one of the fastest-growing tech businesses in the UK.”

Meanwhile, Andy Rogers, co-CEO of Amdaris, said: “BGF has been strongly aligned with our vision throughout the partnership, with the team playing an important role in getting us to where we are today. We’re delighted to be embarking on our next chapter of growth through the acquisition by Insight, and look forward to seeing what the future holds.”

Alex Garfitt, investor at BGF said: We are very pleased to announce our exit from Amdaris, following a successful three-year investment period that has seen the business deliver exceptional organic growth. Amdaris is now one of UK technology’s most exciting success stories and it has been a privilege to be part of the company’s fantastic growth journey. We wish Vlad, Andy, and the entire Amdaris team all the best on their next exciting chapter.”

Amdaris’ shareholders were advised by KPMG Corporate Finance’s South West team (Tim Spooner, Tom Simmonds and Ewa Bakowska) and TLT (Nina Searle, Hannah Ward, Irina Angliss and James Webb).

Tim Spooner, corporate finance director at KPMG, said: “We are delighted to have advised the Amdaris shareholders on this excellent outcome for the business. Amdaris’ exceptional growth and market leading platform make it a prime example of the South West’s thriving technology sector. We are proud of our role acting as lead adviser to the shareholders, continuing our success at advising founder-led, sponsor-backed businesses on landmark deals.”

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