MBO of CIPHR backed by LDC

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MBO of CIPHR backed by LDC 2017-06-06T10:54:33+00:00

Project Description

HMT advises on the MBO of CIPHR backed by LDC

mbo-ciphr-ldcHMT, led by Partners Andrew Thomson and Paul Read undertook financial and tax due diligence for Lloyds Development Capital (“LDC”) on their investment in HR software provider CIPHR.

Established in 1992 and based in Marlow, CIPHR provides many UK small and medium sized businesses with HR Software as a Service (Saas), payroll software and eRecruitment solutions to enable their customers to effectively manage their staff.

CIPHR is one of the UK’s most trusted HR systems providers and has observed a strong period of growth in recent years reaching almost £6 million of revenue for the past financial year.

The investment will enable the business to further drive sales effectiveness as the business targets significant revenue growth of its SaaS platform.  As part of the investment strategy, LDC said it would also work with the management team to identify potential acquisitions in the HCM software sector.

The MBO was led by Chief Executive Officer Chris Berry and Chief Operating Officer Allan Oehlers, with LDC Investment Directors Alastair Weinel and Chris Baker joining the board as Non-Executive Directors. Alastair Hazell has been appointed as Non-Executive Chairman.

HMT led by Partners Andrew Thomson and Paul Read undertook due diligence on this transaction.

Alastair Weinel, Investment Director at LDC commented

“As usual the HMT team provided us with a great service and were commercial.  Their support was particularly helpful in the early pre exclusivity stage and helped us win the deal.”

Paul Read commented,

“We are delighted to have advised LDC on yet another successful transaction. With the management team’s experience and LDC’s excellent sector knowledge, CIPHR have a bright future in front of them.”