Midven has sold portfolio company Dynamic Change for up to £9 million to Allocate Software.
Venture capital firm Midven has sold its portfolio company Dynamic Change for up to £9 million to Allocate Software.
The sale of Dynamic Change will generate an eight times cash multiple return for Midven’s Advantage Growth Fund.
Allocate Software is an AIM-listed optimisation software producer, whose customers include the NHS and the British Army.
Staffordshire based Dynamic Change produces risk and performance management software for the UK healthcare market.
Midven invested in Dynamic Change in 2003 and now has 121 customers. If the full consideration is achieved the fund’s return will increase to 14 times the cash invested. Roger Wood, director of Midven, says: ‘The West Midlands region is really proving itself to be a good home for such businesses and with significant new funds to invest we hope to help even more of them achieve similar success.’