A buy-in management buy-out (BIMBO) team has acquired Diagnos, a developer of diagnostic software for the car servicing industry, for an undisclosed sum.

A buy-in management buy-out (BIMBO) team has acquired Diagnos, a developer of diagnostic software for the car servicing industry, for an undisclosed sum.

Founded in 1999 by Michael Collen and Michael Driscoll, Diagnos has been bought by its technical director Ian Jones and two “experienced executives with motor industry knowledge” who join as non-executive chairman and managing director.

The deal was backed by equity from VCT manager Foresight Group and debt from Octopus Intermediate Capital. Cavendish Corporate Finance advised the vendors, with partner Raymond Fagan and associate director Michael Jewell leading the transaction.

Diagnos’s flagship product, Autologic, helps vehicle maintenance workshops service high-end cars including Mercedes, Porsche, BMW, Jaguar and Land Rover.