Beringea, manager of the ProVen Venture Capital Trusts, has sold the VCTs’ stakes in Speed Trap Holdings (STH), a digital data analytics company, to IS Solutions plc.
STH is the parent company of Celebrus Technologies – the developer of software that allows organisations to understand their customers’ interactions with their websites, mobile applications and social media channels in real time on an individual and personalised level.
Beringea first invested in the STH in 2010 through ProVen VCT and ProVen Growth and Income VCT. It is anticipated that the sale to IS Solutions will generate a circa 2x return on investment for the ProVen VCTs, however full details of the transaction have not been released.
Beringea's Chief Investment Officer, Trevor Hope, who led the original deal and sat on the board as a non-executive director, says-: “This UK technology company developed sophisticated analytics software to manage huge amounts of data before ‘Big Data’ was a commonly used term. Speed-Trap’s management team have led innovation in this area and now its software is being used around the world by major organisations including banks, retailers and insurance companies.
“This sale will consolidate a strong existing relationship between the two companies – offering excellent opportunity for future growth in this exciting market place, whilst also generating great returns for ProVen shareholders.”
Geoff Shingles CBE, CEO OF STH, says: “We received considered and consistent advice throughout our relationship with Beringea. Finally, patient support helped us to reach a successful conclusion to our sale which offers shareholders the opportunity to participate in Speed-Trap’s future progress as part of IS Solutions.”
