Kennet Partners听丑补蝉听agreed to sell its stake in听Dext听–听formerly听ReceiptBank听–听to global software and services investor Hg.听
The听European technology growth equity investor, which听focuses听on bootstrapped and capital efficient companies,听丑补蝉听made听a听4.4 times听return on its investment with the deal.听
Kennet was the first institutional investor in听Dext,听a听digital, multi-product platform for accountants and bookkeepers,听after听acquiring听its stake in the company in 2016.听听
The sale of Kennet鈥檚 stake in听Dext听comes after a record-breaking financial quarter following听the tech firm鈥檚听rebrand earlier this year.听听听
Dext听now supports over one million users in 242 countries and has digitised over 408m pieces of paper. The company currently processes millions of financial documents per week.听听听
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Hillel Zidel, Managing Director, Kennet Partners, said:听鈥淎s the first institutional investors in听Dext听back in 2016, we saw the potential and opportunity to build a market leading position in the bookkeeping automation category.听听
鈥�顿别虫迟鈥檚听capital efficiency, business model, strong foundations and ethos is exactly in line with Kennet鈥檚 investment strategy. We wish Adrian and the team the best of luck on the next stage of what will continue to be a great journey.鈥�听
Adrian Blair, CEO,听Dext, said: “As an original backer of听Dext, Kennet have played a key part in our growth to over 1 million users.听 Our record-breaking start to 2021 is testament to the stewardship that Kennet and our investors have provided.”听
The announcement follows Kennet鈥檚 recent successful exit from听Nuxeo听which saw Kennet realise more than 5x return on its investment.听