Founders cash in as Sheffield software firm Azzure IT is snapped up by Swedish company Advania
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Founded in 2011 by Craig and Sharon Such, Azzure is a Microsoft Dynamics 365 Business Central provider and has featured in the Financial Times 1,000 list of Europe’s fastest-growing businesses.
The sale will allow them to realise the equity value of their shares. Mr Such will continue to lead the 58-strong business for its new owner.
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Hide AdAzzure has more than doubled its profits since 2018 and had a record year in 2021.
Mr Such said: “We have built an exceptional team and we continue to add to this. Joining Content+Cloud and the Advania Group is the next step in Azzure’s ongoing growth journey and this will take the business to the next level.”
The sale provides an exit for NPIF-Mercia Equity Finance, which put in £2m in 2018 and walks away with more than double that.
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Will Clark, managing director of Regional Venture Funds at Mercia, says: “Azzure IT is a very well-run business with highly skilled staff and a dynamic management team.
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Hide Ad“The fund’s investment helped to fuel the company’s expansion and boost profits. The acquisition will take the business to the next stage in its development as part of a larger IT services group, and will open up new opportunities for the team to take on bigger and more high-profile projects.”
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NPIF is supported by the European Union. Grant Thornton carried out vendor due diligence. Andy Sturge of Bexley Beaumont advised all shareholders.