A trade sale of August Equity has seen the investment firm offload its interest in software business 4Projects.
American buyer Coaxis has purchased building and infrastructure software company 4Projects from August Equity.
Coaxis is itself backed by TA Associates and is a software-development and management company for construction firms primarily in the US.
August Equity first became involved with 4Projects when it backed a management buy-out in 2007. The deal, which saw Stephen Edwards appointed as chairman, was for an undisclosed amount.
4Projects was founded by Richard Vertigan and is headquartered in the North East of England. Its software has been used on large-scale projects such as the Olympic Park main stadium and media centre, Emirates Stadium, the OCS Stand at The Brit Oval and the London Array. The management team is led by CEO, Richard Vertigan, who will remain at the company in his role.
Vertigan comments, ‘I am proud of what we have achieved in our partnership with August Equity.
‘We have transitioned from a UK-focused business to one with an international presence [and] we look forward to working with Coaxis to grow our business further.’
Philip Rattle, managing partner at August Equity, adds, ‘The exit of 4Projects represents the second from our AEP II fund, following our successful exit of Enara late last year, and delivers strong return for our investors.
‘We build scale making our portfolio businesses attractive to trade buyers and the sale of 4Projects to Coaxis demonstrates the strength of the model.’