A tech firm headquartered in Teesside has been snapped up by Nasdaq-listed giant Autodesk, Inc.
BGF announced its exit from Datum360, a connected data platform that allows large asset owners to seamlessly access engineering information and data, which it backed in 2020.
Autodesk, headquartered in San Francisco, is a global leader in ‘design and make’ software for the architecture, engineering, construction, operations, manufacturing and media and entertainment industries.
In 2023 it generated $5 billion in revenue, with profit of $823m.
Datum360, headquartered in Stockton-on-Tees, was founded in 2009 and now has a global footprint. Its customer base spans power generation, utilities, food production and infrastructure.
BGF said it has multiplied revenue since its 2020 investment, which has now delivered a 5.9x money multiple return and an IRR of more than 60%.
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“On meeting BGF, it was clear that they had a differentiated offering and were well-versed in helping SaaS businesses scale,” said Datum360 CEO Steve Wilson.
“They’ve been the ideal partner to help us expand our market share, continue to innovate, and grow the business over our partnership.
“We’re looking forward to the next chapter and an exciting future with Autodesk, which will create significant opportunities for our team and clients.”
The investment was led by Chris Boyes.
“It’s been a pleasure to work alongside an excellent team led by Steve Wilson, David Mitchell and James Michael, supported by non-exec chair Ross Smith,” he said. “The sale of Datum360 to Autodesk is a fitting culmination of the progress made during our partnership.
“Datum360 is another illustration of the value created by BGF’s investment model with our patient minority-only capital, allowing us to form long-term partnerships with forward-thinking companies.”