A Bristol software development firm has been acquired by US tech giant Insight.
Amdaris, which provides IT consultancy and application support services to SMEs, has been backed by BGF since 2020, when the investment firm initially pumped £3m into the business to support its growth plans.
BGF has now announced its successful exit from Amdaris, which as well as its recently expanded headquarters in the Aurora office building in Finzels Reach, operates bases in Bulgaria, Moldova, Romania, UAE and Ukraine.
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BGF described Amdaris, which was founded in Bristol by co-chief executives Andy Rogers and Vlad Nanu in 2009 - as one of the º£½ÇÊÓƵ’s “fastest-growing†technology companies.
It added that over the past three years the firm had grown its workforce from 250 in May 2020 to 735, while the business also reported 94% year on year revenue growth in 2022.
Earlier this year Amdaris said it was looking to grow its º£½ÇÊÓƵ workforce by almost two thirds and would take on a further 5,000 sq ft of space at Aurora, after it secured a seven-figure finance package from HSBC.
Mr Rogers 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.â€
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 º£½ÇÊÓƵ 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.â€
Joyce Mullen, president and chief executive of Insight, added:. “With the addition of Amdaris, Insight will scale robustly, enhance its technological capabilities, and deliver an even broader range of services and solutions to clients in Europe, the Middle East and Africa. They are a perfect fit to help Insight go faster and help our clients achieve their desired business outcomes.â€
Mr Nanu commented: “Amidst the fast-paced growth of the IT industry, our acquisition by Insight speaks volumes of their unwavering trust in the exceptional software development skills and talents that Eastern Europe has to offer. There’s also a lot of excitement that this level of investment will generate significant impact and development in the region.â€
Amdaris’ shareholders were advised on the deal by KPMG Corporate Finance’s South West team and law firm TLT on the deal, financial details of which were not disclosed.
