Sale of East European IT developer handled by Smith & Williamson

December 13, 2019

The Bristol-based corporate finance team at accountancy group Smith & Williamson has advised a Bulgarian IT software development services business on its disposal.

TechHuddle, one of the fastest-growing IT companies in Bulgaria, helps businesses offshore and outsource their IT and provides software development services with a focus on intellectual property (IP) development in the UK market.

The firm has been acquired by London-based Horizon Capital in a £30m deal that also included taking a majority stake in Maltese software firm Ascent. The transaction is part of its technology services buy-and-build investment.

TechHuddle founder and CEO Richard Yeo said: “Smith & Williamson led the transaction from start to finish, including the identification of Horizon as the preferred counterparty. Their tenacity and determination were crucial to delivering this outcome and I’m delighted with everything the team did.”

The Smith & Williamson team was led by partner Iain Lownes, supported by corporate finance colleagues Mark Lord, Paul Stagg and Tristan Bray. 

Iain Lownes, pictured, said: “This is the latest in a series of technology transactions we have completed in 2019, reinforcing high levels of investor demand for quality businesses operating in growth markets.

“With no indication of a softening in investor appetite, the funding market for innovative and disruptive technology businesses is set to remain buoyant for the foreseeable future.”

The combined TechHuddle and Ascent Software business has more than 100 clients and employs  300-plus developers in delivery centres in Malta and Bulgaria and its headquarters in Reading.


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