August Equity exits 4Projects investment in US trade sale
August Equity has exited is investment in 4Projects Holdings through a trade sale to TA Associates-backed Coaxis.
4Projects is a provider of secure online collaboration solutions for the building and infrastructure sectors.
Its web-based solutions are delivered to a large, international, blue chip customer base via a Software as a Service model. Its software has been used on large scale projects such as the Olympic Park main stadium and media centre, Emirates Stadium, the OCS Stand at The Brit Oval and the London Array.
Coaxis is a vertical-market, software development and management company. It provides software for mid-sized and large construction firms, including general contractors, heavy/highway and specialty subcontractors primarily in the US.
August Equity initially completed the management buy-out of 4Projects in 2007. Since then the business has developed an international presence in key construction markets around the world. The management team, lead by chief executive Richard Vertigan, will remain with this business.
Vertigan says: “I am proud of what we have achieved in our partnership with August Equity. In a tough market we have continued to offer innovative solutions to our clients and have transitioned from a UK-focused business to one with an international presence. We look forward to working with Coaxis to grow our business further.”
Ian Grant, August Equity partner, says: “We have a track record of investing in high quality technology businesses offering a differentiated service. When we initially invested in 4Projects the SaaS model was a relatively new concept in the UK. Since then the market has grown substantially and that growth is forecast to continue. We have enjoyed working with this very talented management team and we wish them every success in the future.”
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