Status:

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

January 8, 2021 in News, Sapphire

Horizon backed Sapphire Systems Extends Capabilities with Acquisition of Service Now Specialist ITOM Solution

Sapphire Systems, a leading provider of enterprise software applications and digital operating technology, today announced that it has extended its portfolio of digital platforms through the acquisition of ITOM Solution,…
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November 7, 2023 in News, Sapphire

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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January 5, 2020 in News, Sapphire

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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