Kuits and Cavendish Advise Micad on Sale of Business17 Apr 2014
Micad, the leading Software as a Service (“SaaS”) property management and compliance solutions provider has completed a sale of the business, backed by specialist technology investment firm Young Associates and the Micad management team. Cavendish Corporate Finance, the UK’s leading sell-side mid-market M&A firm, and Kuits Solicitors, the Manchester commercial law firm, advised Micad on the transaction.
Founded in 1987 by Andrew Terry, who will exit the business, Manchester based Micad is a specialist in computer aided facilities management (“CAFM”) software. The software assists in the management and maintenance of large property estates to ensure that its clients remain in compliance with legislation and regulations that are imposed on managing the built environment.
Cavendish ran a competitive process which attracted a high level of interest from a number of financial investors.
Cavendish has so far completed on the sale of five deals in 2014, including Avantia Limited, Polar Speed, Fandstan Electric Group and Barbican Dental Care. Its previous TMT deals include: Avantia, Datong plc, Redbox Recorders, Opta Sports, Primal Pictures, Lightech and Focus Solutions Group.
Kuits Solicitors’ experienced Corporate and Commercial team acted for the vendors in the most recent of a series of transactions in the tech space.
Andrew Terry, Founder of Micad, commented: “Over the past 25 years or so the company has enjoyed strong growth and built up a very loyal client base of blue-chip customers. I wish management and Young Associates well as they take the company on to the next stage of its development and further success and would like to thank Kuits and Cavendish Corporate Finance for doing an excellent job in facilitating the transaction.”
Nick Jones, Partner and Head of Technology at Cavendish, commented: “Micad is a fantastic company and a clear SaaS leader in web-based property management and compliance software. We are delighted to have facilitated the investment from Young Associates, which is the perfect partner for the management team to help drive the company’s future growth and further commercial success. There is still strong demand from buyers for SaaS providers with a particular expertise or market niche and vendors should give thought to finding the most appropriate partner to exploit the growing opportunities in the current market.”
Robert Buckley, Partner and Head of Corporate and Commercial at Kuits, commented: “We are delighted to have advised the vendors on the sale of this excellent business. Having worked with Micad since its inception, it is very fulfilling to see the success that this company has achieved.”
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