31 Jan 2012 12:48
BETTER CAPITAL PCC LIMITED 2009 Cell
31 January 2012
Better Capital PCC Limited has today been informed of the sale of MentecPlus Integrated Solutions Limited ("MentecPlus"), a company within the BECAP Fund LP (the "2009 Fund") investment portfolio, to UNIT4 Business Software Holding B.V. ("UNIT4") a NYSE Euronext-listed company (ticker symbol: UNT).
MentecPlus was acquired as part of the Calyx group of ICT managed services companies in September 2010. As the authorised distributor in Ireland for the Agresso Business World suite of business software products, MentecPlus has a long-established relationship with UNIT4 (the author of Agresso). MentecPlus, with 167 customers, is a leading provider of business software solutions to both SMEs and Public Sectors in the Republic and Northern Ireland.
As part of the Calyx group of companies, MentecPlus has net assets of approximately €0.4m and was budgeted to have turnover of approximately €4.8m in the 2012 financial year. The business represents approximately 10% of the total Calyx group turnover for 2011.
The Calyx group's software solutions business was recently re-branded as "m-hance". This sale was planned soon after the acquisition of the Calyx group in September 2010 and will enable m-hance to focus on its target vertical markets and provide funds to support business development and acquisition strategies.
Nick Sanders, Head of Portfolio at Better Capital LLP and Chairman of the Calyx group commented "This is a successful exit of a business which is non-core to the Calyx group, and at a valuation considered to be attractive to both parties. The m-hance software business being retained goes from strength to strength, and the funds realised from the sale of the Agresso business will be retained in the Calyx group and used to fund further growth of m-hance."
Enquiries:
Better Capital PCC Limited+44 (0)1481 716 000
Mark Huntley (Director)
Laurence McNairn (Administrator and Company Secretary)
Better Capital LLP +44 (0)20 7440 0840
Nick Sanders (Head of Portfolio)