Belfast-based compliance software developer AuditComply has been sold for an undisclosed sum to Toronto-headquartered cloud-based manufacturing software firm Nulogy.
AuditComply has developed a quality management platform which empowers manufacturers in multiple industries to track suppliers, drive higher quality, and increase throughput.
Led by Kevin Donaghy (pictured, right) and Susan Fitzsimmons (centre), the company has customers across the world using its software in 20 different languages.
The deal has resulted in a successful exit for Co-Fund NI, which was established by Invest NI and is managed by Clarendon Fund Managers. It invested in 2015 alongside a number of private angel investors, with further investment following from BGF and First Derivatives in 2017 and subsequently from British Business Investments through its Regional Angel Programme.
“We are excited about the next chapter for the business as part of Nulogy. AuditComply and Nulogy have a shared vision of empowering manufacturers with the data and digital support they need to effectively manage and scale their operations in today’s marketplace,” said CEO Donaghy.
“We’d like to thank Brian [Cummings, investment director at Clarendon Fund Managers, pictured left] and the Clarendon team for their continued support from the early days of AuditComply. They have provided invaluable advice and funding as we have expanded the business and entered into new markets.”
Cummings said: “We are really pleased for the AuditComply team and would like to congratulate Kevin and Susan on securing this partnership with Nulogy. While this results in a successful exit for Co-Fund NI, it is also a good news story for the Northern Ireland economy as it provides a further indication of how international investors view the calibre of business we have in this part of the world, across a wide range of sectors.”
The third iteration of Co-Fund NI, the £39m Co-Fund III, was launched earlier this year and is expected to leverage over £60m of additional investment from the private sector.
“Through Co-Fund NI and the Investment Fund for Northern Ireland, Clarendon has a range of equity investment options available to help ambitious companies to achieve their growth objectives,” added Cummings.
Clarendon managed the first two Co-Fund NI funds, investing a total of £53m in 102 investee companies to date across more than 370 investment rounds. This has leveraged £119m of additional matched investment from private investors and a further £211m from institutional investors bringing total funding supported by Co-Fund NI to £383m to date into over 100 companies across Northern Ireland.