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Posted on October 23, 2018 by staff

Automation pioneer snapped up in £52m cash deal

A London-headquartered robotic process automation (RPA) and intelligent automation company has been sold by its private equity backer for £52 million.

Sykes Enterprises, an international business process outsourcing firm listed on Nasdaq, has purchased Symphony Ventures from Livingbridge.

The exit represents a 2.4x multiple on Livingbridge’s 2017 investment in the business.

Symphony was founded in 2014 and works with clients looking to automate operational processes that are manual, repetitive, complex and time consuming.

Led by chief executive officer David Poole, chief strategy officer Ian Barkin, chief client officer Pascal Baker and chief operations officer David Brain, the company has a 200-strong workforce and operates from offices in London, the US, Poland, India, Argentina and Brazil.

“Symphony has rapidly grown over the past four years to become the digital operations partner of choice for numerous enterprise clients looking to implement RPA and IA solutions,” said Poole.

“This growth has been due to the efforts of our highly trained and experienced team that take a process first approach to digital transformation to ensure we deliver top notch quality each and every time.”

Chuck Sykes, president and CEO at Sykes Enterprises, added: “The acquisition of Symphony is another significant step in building our company’s capabilities to succeed as the digital revolution continues to transform our clients’ businesses, their customer service needs, and by extension, the customer support industry.”

Symphony Ventures was advised by Results International Group (financial), Withers (legal) and Acresis. Shumaker, Loop & Kendrick served as Sykes’ legal advisor.