4th April 2022
Investment is the first investment from FPE Fund III – the firm’s third software and services focussed fund.
FPE Capital LLP (‘FPE’), the software & services focused lower mid-market growth investor, announces that it has acquired Egress Limited, a cloud & data migration specialist.
This marks the first investment from FPE Fund III, the successful final close of which is expected to be announced within the next month.
Egress is a leading provider of data migration services for a range of blue-chip public sector and private sector clients, delivering large and highly complex cloud migration projects. Egress has undertaken cloud migration projects on a range of Tier 1 ERP systems, and a significant proportion of the administration and clinical systems used across healthcare and UK central and local government. Clients include the NHS, Birmingham County Council, IBM, Fujitsu, University of Birmingham, DHL, and Balfour Beatty. The business utilises its own software tools and IP to deliver projects including a widely used payroll validation service. On the back of data migration Egress have established a highly functioning Business Intelligence Reporting capability, and also provides an integration managed service offering for the healthcare sector, supporting the NHS interoperability agenda.
The business is run by an experienced management team, led by Joe Rooke as CEO, and FPE will lead the expansion of the executive team and help to accelerate growth within the sizeable and expanding UK market.
David Barbour, Managing Partner at FPE, commented: “FPE is delighted to have completed this investment in Egress, which represents the first deal in our newly raised FPE Fund III. The investment builds on our success in software focused services businesses. Our investment focus is on assisting high quality businesses scale successfully, and we are excited to partner with Joe and his team to support their growth ambitions and capitalise on the significant tailwinds in this market.”
Joe Rooke, CEO of Egress, added: “We are delighted to be partnering with FPE, whose expertise in successfully scaling businesses and understanding of our market has been evident since our first interaction”.
The FPE investment was led by Llewellyn John, Connor Trendell and Harriet Hunt. FPE was advised on the transaction by Stephenson Harwood (Legal), Armstrong (Commercial), Cortus Advisory (Financial), Tax Advisory Partnership (Tax), ABG (Corporate Finance), FRP (Debt Advisory) and Continuum (Management). Lending facilities were provided by Triplepoint.
The management team was advised by Evolution CBS (Corporate Finance) and Mackrell (Legal).
Llewellyn John, Partner
M. +44 (0)7909 691 867
Connor Trendell, Investment Director
M. +44 (0)784 3609 198
Harriet Hunt, Investment Manager
M. +44 (0)7971 541 358