Realised
Commitment:
£35m
Date of investment / realisation:
2020 / 2023
Sector:
Technology services
Buy & Build:
4 Completed Acquisitions
“When selecting a partner, Horizon Capital stood out as a specialist investor who truly understood our business and the market we operate in. Their deep sector knowledge and experience has been crucial in supporting our ambition to become a true market leader.”
Ian CaswellFounder, Sapphire Systems
Background
Sapphire Systems is a global provider of digital operating platforms to Mid sized and Enterprise clients allowing them to accelerate their digital transition with confidence.
Sapphire delivers enterprise resource planning (ERP), digital workflow, and financial management solutions and is a leading partner of major software authors SAP, ServiceNow, Automation Anywhere, and Infor. The business serves more than 1000 clients and employs over 400 people across global offices in the United Kingdom, United States, Latin America, and Asia.
Sapphire operates in a fragmented and growing addressable market sized at £1.25bn with over 200 independent operators in the UK alone. Horizon Capital worked closely with management to develop a strategy to consolidate the sector with origination capability, M&A support, and capital to become the leading independent operator.
The Journey so far
Since Horizon Capital’s investment in 2020, Sapphire has closed four acquisitions transitioning the business to an Intelligent Digital Operations Partner that streamlines, integrates, automates, and optimises clients’ businesses.
Horizon Capital has worked with the business to build out the management team and invest for growth, hiring a CFO, CTO, and CEO, implementing a new ERP system, and investing in the continued IP development of the Group.
Buy and Build
Since the investment from Horizon Capital, Sapphire has completed four add on acquisitions, which have enhanced the Group’s capabilities, expanded the addressable market, and also enabled the Group to better serve its Mid sized and Enterprise client base.
Realisation
During Horizon’s investment period, Sapphire made four acquisitions which significantly enhanced its international offering and client proposition, and enabled the business to grow revenues from £38m to over £75m and employees from 250 to over 420. The business was sold to NTT DATA Business Solutions AG, a group company of NTT DATA, delivering 5x MOIC and 50% IRR in 2023.
News & Insights
Related Infomation
Horizon backed Sapphire Systems Expands SAP Business By Design Practice with Purchase of InCloud Solutions
Leading technology provider strengthens capabilities and consolidates position as a market leading SAP partner with new acquisition Sapphire Systems, a leading digital operating platform provider, today announced that it has…
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Horizon Capital exits Sapphire generating a 5.0x return
Horizon Capital exits Sapphire generating a 5.0x return Horizon Capital, the private equity investor specialising in technology and business service buy & builds, announces the sale of portfolio company Sapphire…
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Horizon kickstart the New Year with significant investment into Sapphire Systems
We're pleased to announce our investment in Sapphire Systems Limited, one of Britain’s biggest providers of enterprise software applications, services and support. Sapphire has developed a reputation as a leading…
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