BGF has exited its investment in DriveWorks, a provider of design automation and 3D sales product configuration software to manufacturing and engineering companies, generating a money multiple of 2.7x and an IRR of 32%.
DriveWorks, co-founded by Glen Smith and Maria Sarkar in 2001, has been acquired by Bechtle AG, a €6bn revenue technology group headquartered in Neckarsulm, Germany.
BGF originally invested £4m in DriveWorks in February 2021 to support continued development of its software platform, while accelerating international growth. During BGF’s investment period the business has more than doubled revenues, which reached €6.5m in the 2023/24 financial year.
BGF also introduced Sharon Baylay-Bell as non-executive chair through its Talent Network.
RSM’s Deal Services team provided sell-side advice on the deal. Hill Dickinson provided legal advice. DriveWorks was also advised and supported by Mattocks Grindley.
