The Bristol-based corporate finance team of Smith & Williamson, the accountancy, investment management and tax group, has advised Bulgaria-based TechHuddle, an IT software development services business, on its disposal to Horizon Capital.
TechHuddle helps companies of all sizes with their offshore IT and IT outsourcing challenges and is one of the fastest-growing IT companies in Bulgaria. It provides software development services with a focus on IP development in the UK market.
Horizon Capital has acquired TechHuddle as part of its latest technology services buy-and-build investment, which also included a majority investment in Ascent Software, in a £30m transaction.
Richard Yeo, CEO and founder of TechHuddle, said: “Smith & Williamson led the transaction from start to finish including the identification of Horizon as the preferred counterparty. Their tenacity and determination were crucial to delivering this outcome and I’m delighted with everything the team did.”
The Smith & Williamson team was led by partner Iain Lownes, supported by corporate finance colleagues Mark Lord, Paul Stagg and Tristan Bray.
Iain Lownes said: “This is the latest in a series of technology transactions we have completed in 2019, reinforcing high levels of investor demand for quality businesses operating in growth markets. With no indication of a softening in investor appetite, the funding market for innovative and disruptive technology businesses is set to remain buoyant for the foreseeable future.”