Mergers and Acquistions News
Categories: Software
April 7th 2011, 11:26AM
A £50 million deal between Access UK and Lyceum Capital has resulted in a management buy-out for the accountancy software company.
Chief executive officer Chris Bayne led the buy-out, which he said was part of a rapid expansion strategy for the company, which is now in its 20th year of trading.
The move will see two members of the Lyceum Capital board - Jeremy Hand and Philip Buscombe - join the board at Access, while two former Access board members will step down.
Mr Bayne said: "It's fitting that on the 20th anniversary of Access' incorporation we've agreed a deal which marks a significant step change in the speed and scale of the business expansion."
Jeremy Hand, of Lyceum, said: "This deal will give the business the funding and additional insight and expertise to broaden its services and penetrate further into key vertical industries."
Access provides software and services focusing on financial management systems and human capital management solutions.
Its clients include the Museum of Science and Industry, Topps Tiles and Birmingham International Airport.
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