Insider Technologies Limited in £3m MBO
The business employs 28 staff making products that can track and monitor payments in retail and investment banks.
It also offers high security tracking for government and defence organisations. Clients include The Bank of England, Barclays Bank, Deutsche Bank and HSBC. The deal provides an exit for Steve Tanham who founded the business in 1989.
It was led by chief executive Gerry Murphy, technical director Paul Cashmore, and customer services director Tony Mowatt. Richard Launder, a former executive at payments firm ACI Worldwide, has bought into the business and will take on the role of executive chairman.
Mr Murphy said: “Insider Technologies offers cutting edge software products that can track and monitor payments and messages in a real time environment. Our products are ideally placed to meet the increasing complexity of financial markets and the regulatory environment. We look forward to working with YFM Equity Partners as we grow the business both in the UK and internationally.”
Ian Cameron, investment director at YFM Equity Partners said: “Insider Technologies has a fantastic reputation and is well established. The management team work very well together and with Richard joining as executive chairman are well placed to capitalise on new business especially in European Middle East and Asian markets.
“There is enormous potential for the business to grow its sales and we look forward to using both our experience and network to help the management team achieve this ambition.” YFM invested through its British Smaller Companies Venture Capital Trust Funds.
Phillip Whitehurst and Richie Dingley from DWF provided legal advice to YFM Equity Partners, while Chris Heatlie and Steven Kingham at BDO provided financial due diligence. The management team at Insider received legal advice from Sean FitzGerald and Laura Lovell at Cobbetts.