Tekton was sold for £21 million at the end of last month, generating a return for funds managed by YFM of 2.7 times its investment, according to the firm.
Tekton was formed in December 2005 when YFM invested £700,000 in serial entrepreneur Richard Beaton’s buy-out of Intuita and acquisition of EVision, both software businesses serving the construction industry.
Twelve months later the group acquired Sitestream Software, at which point Inflexion Private Equity invested £4.6 million, and YFM chose to roll over some of its investment. Tekton’s sale to Sage allows the firm to make a complete exit.
Tekton employs 90 people and is based in Manchester. Its customers include civil engineers, builders and developers, maintenance and other contractors.