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Kallidus provides mid-sized UK organisations with software to train, assess and evaluate employees. Its core product makes training more efficient and effective by utilising software-based content delivery.

The transition to SaaS enabled Kallidus to target smaller customers and deploy faster, reflected by recurring revenue as a percentage of total increasing from 45% to 70%. During our investment period, annual software revenue growth accelerated from 10% to 48% and EBITDA margins from 19% to 27%. We exited Kallidus in March 2019 to a financial sponsor, generating a 3x return.

We acquired a majority stake in Kallidus in 2015 from a group of earlier-stage investors. Although the company’s offering was market-leading, the industry was moving fast and the product needed to quickly transition to a pure SaaS model while building out a broader HR management proposition.

We supported Kallidus over the course of our investment period by:

  • Bolstering the team with senior industry experienced talent – Chair, CTO and CFO

  • Supporting a transition of Kallidus’s core offering to a pure SaaS product (single instance, multi-tenant). This included a full customer migration to a new product.

  • This transition facilitated a change in business model – reducing reliance on professional services activities and increasing the proportion of licence revenue.

  • Investing in talent ahead of the curve, including opening an office in a new talent market to more easily attract developers and salespeople.

  • Leading the acquisition of Advorto, a pure SaaS recruitment product, which extended Kallidus’s offering into an additional area of HR spend.

Rob Caul (CEO)

We are delighted with the support FPE has given us, helping us grow organically and through acquisition.