Now two US private equity firms are looking at a bid for a little-known £1bn British technology company
Two US private equity firms look to Blue Prism as bidding fever pushes the value of a little-known UK tech company to more than £1bn
- Blue Prism was founded in 2001 to provide software to customers
- The company listed on London’s junior stock market Aim, in 2016
- It is now in talks with TPG Capital and Vista Equity Partners
The founders of a little-known British software company are ready to pocket millions
The founders of a little-known British software company are set to bring in millions after their company became the latest target of private equity predators.
Blue Prism, founded in 2001 to provide software to clients such as Waitrose, Jaguar Land Rover, Ebay and the NHS to automate back office tasks, is in talks with TPG Capital and Vista Equity Partners.
Co-founders Alastair Bathgate and David Moss jointly own 6 pc of Blue Prism, a stake now worth £64m after shares rose 32.2pc or 268p to 1100p on news of the talks.
Jason Kingdon, an entrepreneur who was an early investor and now the CEO, also owns a 6 percent stake.
Blue Prism was listed on the London junior stock market Aim in 2016. Waitrose used its technology to manage promotions in supermarkets.
And the company helped Jaguar Land Rover identify where it could cut costs and create sales opportunities.
Blue Prism said both TPG and Vista were in talks about “possible offers,” meaning the two US private equity firms could engage in a bidding war. It did not disclose the price each company weighed, but the rise in share price values the company at £1.1 billion.
The suitors have until September 28 to announce a firm intention to make an offer, or walk away. Other London-listed companies in the crosshairs of US private equity include Morrisons, Ultra Electronics and Meggitt, and companies such as Aggreko, St Modwen Properties and G4S have already been acquired.