Mobeus Investments has partially realised its investment in VSI Limited by selling one of the firm’s two operating businesses, MachineWorks Software, to Westec Holding Company.
The value of the deal has not been disclosed.
Mobeus backed the management buyout of VSI back in 2006.
Based in Sheffield, MachineWorks is a developer of simulation and verification toolkit technology used in computer-aided manufacturing. The firm’s software products simulates machining and helps manufacturers to avoid expensive production mistakes which could cause expensive raw materials to be scrapped or production runs to be disrupted.
Eirc Tung, partner at Mobeus and non-executive director of MachineWorks, says: “We are very proud of our association with machineWorks, which is an excellent example of the development of a world-class technology company in the UK. During our period of ownership, management has continuously innovated and invested to maintain the firm’s market position and to expand its product offering.
“The investment has provided attractive reruns to Mobeus’ managed venture capital trusts.”
