WestBridge has acquired Eque2 from LDC
Eque2 supplies business management software to more than 2,700 customers in the construction, housebuilding and contracting industries. Backed by LDC in November 2017, its revenues have grown significantly since, and the company has proven to be exceptionally resilient during the COVID-19 pandemic. Eque2 continues to invest significantly in customer service and product development enabling customers to further integrate and mobilize the commercial and financial aspects of their business to drive efficiencies and ultimately improve profitability.
Lincoln International acted as the exclusive financial adviser to WestBridge, providing full-scope mergers and acquisitions (M&A) and debt advice. Working closely with the WestBridge team, Lincoln appraised the opportunity and provided valuation, M&A and debt modeling support, before managing the process to a successful completion, including providing strategic guidance and assisting in the commercial negotiations. An attractive debt package was secured in a compressed time frame with Lincoln managing all aspects of the financing process.
This transaction represents the 10th technology transaction that Lincoln’s UK office has completed during 2020, against an unprecedented backdrop. These have been across a range of sectors; software, which includes the acquisition of Eque2 by WestBridge and the sale of POS specialist, The Good Till Company, to SumUp, information technology managed services, which includes the sale of MTI Technology to Ricoh, and outsourced software development, which includes the acquisitions of DCSL and Zenitech.
Chris Brooks, Managing Director in Lincoln’s Technology, Media & Telecom (TMT) Group, commented, “We are very pleased to have been involved in this deal and are delighted to have supported the WestBridge team. This transaction is a further example of Lincoln being able to offer seamless M&A and debt advice to consummate a transaction in a short time frame. Despite the challenging backdrop, we are pleased that Lincoln International has supported its clients on 10 Technology transactions in the UK during 2020 so far.”
"Lincoln's deep sector expertise, integrated M&A and debt offering, and commitment to our process enabled us to achieve an outstanding result. Their hands-on support and expertise from start to finish was instrumental in delivering this excellent outcome."
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