Global Oracle partner Inoapps 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 is planned to accelerate both acquisition-based and organic growth, along with increased headcount for the Aberdeen-headquartered business.
Previous investors BGF will exit realizing a 4.5x return on the £10m they invested in 2013.
Founded 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. The firm has completed over $90bn of leveraged transactions and other private equity or preferred equity placements. Currently the firm manages over $5bn of capital across its active funds.
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 recognized that Abry Partners would be a great partner for our future. Abry offers something different – a proven track record of helping technology-based businesses capitalize 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.”
Since the start of 2021, Inoapps has doubled equivalent revenue in H1FY22, compared to H1 FY21. It has also seen 70 percent employee growth globally, launched a new Indian operation and secured its largest ever global contract win.
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.”