Protean Software acquired by Foresight Group
Benchmark International is delighted to announce the successful sale of Protean Software Limited (Protean) to Foresight Group (Foresight) in a £4 million deal.
Coventry-based Protean develops and sells business management and field service management software to organisations involved in the supply, installation and maintenance of equipment, across sectors such as facilities management, HVAC and elevator installation. The company also offers a range of complementary training, data conversion and integration services to customers.
Foresight is a leading independent infrastructure and private equity investment manager, with a global presence across the UK, Italy and the USA.
On completion of the deal, Chris Morgan, Founder of Protean said, “This is a hugely exciting development for Protean. The opportunities to grow both within the UK and internationally will be greatly enhanced by Foresight’s investment alongside the invaluable experience and expertise that Robert and Stephen will bring. This will help us to take our already successful company on to the next level.
“Core to the company’s progression will be the continuing evolution of an already well established and highly functional software solution. We see this change being great news not only for the Protean, but also its customers and staff.”
Mr Morgan added, “Following our initial meeting with Benchmark International, we felt that they took the time to understand our business, along with our aspirations.
“Throughout our dealings with Benchmark International they provided a professional, process driven service that led to negotiations with several potential suitors. They provided thoughtful analysis of the advantages of each of the deals put forward. We were delighted they ultimately secured the deal with Foresight, who we believe are ideally positioned to take Protean onto the next level.”
James Livingston, Director of Foresight, commented, “With the combination of Robert and Stephen joining the strong current team and Foresight’s backing, Protean is poised for considerable further growth over the coming years. Protean has established strong foundations, with a mature and highly functional product, high levels of customer loyalty and healthy growth. We’re looking forward to working closely with the broadened management team and driving further growth through additional product development and entering new market verticals, domestically and internationally.”
With over 100 interested parties and four offers made following Benchmark International’s business intelligence and marketing activities, Protean proved to be a company high in demand, with Foresight quickly established as the best match for the company going forward.
Benchmark International would like to wish all parties involved the best for the future.