BGF has exited Bristol-based software development and digital services specialist Amdaris.
Award-winning Amdaris has been acquired by Insight Enterprises Inc, a Fortune 500 Solutions Integrator focused on driving client success through digital transformation.
Through this acquisition, Insight will add Amdaris鈥� innovative software development, application support, managed services and consultancy services to its broad solutions portfolio.
Amdaris is one of the UK鈥檚 fastest-growing technology companies. Led by co-CEOs, Vlad Nanu and Andy Rogers, the company provides SMEs with teams of software developers to deliver digital transformation and bespoke application projects.
Amdaris鈥� team in Bristol is supported by delivery centres in Moldova, Romania and the UAE, providing customers with nearshore services through a company-wide collaborative approach to software development.
BGF originally backed Amdaris with a 拢3m investment in May 2020 to support its ambitious growth plans.
During the past three years, Amdaris has successfully scaled its operations and opened new offices in Bulgaria and Ukraine.
Developer headcount has increased from 250 in May 2020 to 735, with the business also reporting 94 per cent year-on-year revenue growth in 2022.
Vlad Nanu, co-CEO of Amdaris, said:聽鈥淏GF has been an excellent partner and its investment in 2020 played a critical role in the growth of the business.
鈥淥ver the past three years, we have invested in people and systems, increased our developer headcount, expanded into new geographies and diversified our customer base 鈥� all of this has led to strong revenue growth, positioning us as one of the fastest growing tech businesses in the UK.鈥�
Andy Rogers, co-CEO of Amdaris, said:聽鈥淏GF has been strongly aligned with our vision throughout the partnership, with the team playing an important role in getting us to where we are today. We鈥檙e delighted to be embarking on our next chapter of growth through the acquisition by Insight, and look forward to seeing what the future holds.鈥�
Alex Garfitt, investor at BGF, said:聽鈥淲e are very pleased to announce our exit from Amdaris following a successful three-year investment period that has seen the business deliver exceptional organic growth. Amdaris is now one of UK technology鈥檚 most exciting success stories and it has been a privilege to be part of the company鈥檚 fantastic growth journey. We wish Vlad, Andy and the entire Amdaris team all the best on their next exciting chapter.鈥�
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Amdaris鈥� shareholders were advised by KPMG Corporate Finance鈥檚 South West team (Tim Spooner, Tom Simmonds and Ewa Bakowska) and TLT (Nina Searle, Hannah Ward, Irina Angliss and James Webb).
BGF was set up in 2011 and has invested 拢3.5bn in over 500 companies, making it the most active investor in the UK and Ireland.