Altrincham-based Micad Systems UK Ltd, developers and providers of facilities management software, is heading for expansion following a management buy-out deal supported by Yorkshire Bank and Young Associates.
Micad Systems UK Ltd has been acquired for an undisclosed sum by the existing management team and Young Associates who have a lengthy track record of successfully investing in UK technology companies.
The purchase was assisted by a funding package from Yorkshire Bank which included senior debt and working capital facilities provided by the Bank’s Acquisition Finance team in Manchester led by Jane Hartley, director.
Micad Systems UK Ltd, founded in 1987, supplies web-based estates management and compliance software to property holding institutions in both the public and private sectors. Historically, the company’s products have primarily been developed in association with the NHS and Universities but increasingly they are being used in the commercial marketplace for companies managing medium to large building portfolios.
The company’s key clients include over 100 NHS Trusts, a number of Universities including Cambridge, and a range of commercial organisations including Centrica, Welsh Water, G4S, Telereal Trillium and Manchester Airport Group. Turnover for 2013 was approximately £2.7 million, an increase of 58% on the previous year.
Peter Harris, managing director of Micad, said:
“Our future strategy for the business is based on reinforcing our strength in existing sectors such as healthcare, education and enterprise, identifying new markets and continuing the expansion of our product range to meet our client needs.
“Within our existing markets, ongoing structural change in the NHS, for example, has created new sales opportunities for the business as demand increases for accurate data on the condition of property portfolios.”
Jane Hartley, director, acquisition finance, at Yorkshire Bank’s Business and Private Banking Centre in Manchester, said:
“Micad’s continued investment in its software and innovative approach to its development is reflected in the quality of its client portfolio.
“The success which Micad has enjoyed to date reflects the commitment and determination which Peter and his colleagues Cliff Wallworth and Ken Gordon bring to the firm and represents all that is good about the entrepreneurial spirit of the region’s businesses. We wish them every success as the company moves on to the next stage of its development.
“As we begin to see signs of economic recovery, Yorkshire Bank remains focused on investing in the growth ambitions of the local business community.”