Leeds-based Liquidlogic, which provides IT services to the care sector, has been sold to AIM-listed System C for an initial £10.2 million in cash.
Leeds-based Liquidlogic, which provides IT services to the care sector, has been sold to AIM-listed System C for an initial £10.2 million in cash.
The trade sale generates a return of 3.3 times money for NVM Private Equity, which backed the company with a development capital investment in 2002. This is equivalent to an internal rate of return of more than 25 per cent.
The deal may be worth up to £14.2 million in cash and shares if performance targets for the acquired business are met.
NVM chairman Tim Levett says the firm was initially attracted to Liquidlogic because of its market potential and the experience of founders Ted Brierley and Denise Harrison, who founded the company in 2000 to exploit a demand for government agencies to share information securely.
System C is a 25-year-old Kent-based company providing healthcare information systems and IT consulting services to the NHS.
