Foresight Group has successfully exited software firm WeTrack, realising a 2.8x return.
WeTrack offers provides easy-to-use collaborative management software to organise and automate operations for the sports and events industry, helping to manage successful projects, deliver events and improve organisation efficiency.
The company was born out of the founders’ experiences from the London 2012 Olympic Games and Paralympic Games.
Foresight’s Thames Ventures funds, which were previously managed by Downing LLP, first invested in WeTrack in 2015.
During the investment period, the company grew its team from two to 17 and developed its service range by offering four new modules.
WeTrack’s exit was to Momentus Technologies, a global leader in venue and event management software headquartered in the US.
This is the fourth exit in the last nine months from Foresight’s Thames Ventures funds, all four of which have attracted US-based acquirers.
Foresight’s ventures team partners, supports and works with growth companies to realise their growth potential.
The team works from offices across the UK and Ireland and has representatives based in the US, UAE and Israel.
Peter Ward, founder/CEO of WeTrack, said: “The Foresight and Downing teams were our first investors and I will always be grateful for the vote of confidence they provided in the early days. We’re delighted with this outcome which is testament to the hard work of the entire team.”
Richard Lewis, managing director of Foresight’s Thames Ventures funds, added: “WeTrack offers a leading project management and incident tracking software with a sustainability focus which perfectly complements Momentus Technologies’ platform.
“This sale provides another attractive return for our investors. We wish the team all the best for the future.”
Foresight Group was founded in 1984 and is a leading listed infrastructure and private equity investment manager.