Matrix Private Equity Partners has agreed to sell portfolio company App-DNA Group Limited for USD92 million (c. GBP58 million) to Citrix Systems Inc, subject to final contract.
Total proceeds from the exit will be approximately GBP16.4 million for the Matrix advised fund, The Income & Growth VCT plc. This represents a return of approximately 32 times the fund’s original investment.
App-DNA is a software company whose products enable blue chip customers around the world to save time and money when changing operating systems or virtualising IT applications. App-DNA’s products are in high demand following the launch of Windows 7 and the steady move towards cloud computing.
Guy Blackburn, the Matrix non-executive director of AppDNA who managed the investment to exit, says: “App-DNA is a great commercial success for the UK technology sector and it provides an outstanding return to Matrix VCT investors. App-DNA was started just a few years ago when we decided to commercialise a software tool developed at Camwood Enterprises Limited, another Matrix portfolio company.
"The App-DNA team has done an excellent job delivering strong growth and establishing such a global presence so quickly. Matrix is proud to be part of this story which demonstrates that the UK continues to be the birthplace of highly innovative, fast growing and internationally successful businesses.”
It is anticipated that completion will occur in November 2011, once certain procedural conditions have been fulfilled.
