We are pleased to announce that we’ve made a majority investment in Ascent Software and completed the simultaneous acquisition of TechHuddle in a £30m transaction. This is the third technology services buy-and-build investment we’ve completed this year and follows the MBO of data analytics provider Strat 7 in March and investment in education software provider Juniper Education in June.
Ascent is a provider of custom software development enabling digital transformation in mid- market and enterprise customers in the UK and Germany. TechHuddle provides software development services with a focus on IP development in the UK market. The combined business has over 100 clients, is headquartered in Reading and employs over 300 developers in delivery centres in Malta and Bulgaria. Ascent’s strategy is to continue its strong organic revenue growth while expanding the geographic reach and technical capabilities of the business through further selected acquisitions.
Stewart Smythe joins the business as CEO and will work alongside Ascent founder and COO Joseph Sultana, the management team includes Ben Hudson as CFO and George Earp as CSO. We will work closely with the management team to support Ascent’s continued growth in this fast-paced market.
Stewart Smythe CEO said “Ascent is a scaled, high quality provider in this emerging market with EBITDA in excess of £5m. Over the next three years we will accelerate organic growth through an enhanced go- to-market offering whilst extending our already impressive technical capabilities through further acquisitions. Horizon has a proven track record of building quality, high growth technology service businesses and I am looking forward to developing Ascent in partnership with them.”
Horizon Managing Partner Simon Hitchcock added: “We are thrilled to be working with Stewart Smythe again and delighted to be investing in Ascent, a high quality platform from which to drive consolidation of a fragmented and high growth market. Under Stewart’s leadership Ascent’s technical excellence and long-term client relationships position it well to become a stand out asset in the sector. We look forward to supporting such a talented management team on the next phase of their growth journey”