One of our IT clients, Converging Data, was recently acquired. Having worked with the business since 2016, it’s been exciting helping prepare for this landmark stage.
We first got involved with the company when it was part of an accelerator (seed funding) programme led by Traction Central (under the name "Dotforge"). This programme was also supported by EMIS Group plc, Creative England Limited and Yorkshire and Humber Partners Academic Health Science Network Limited and provided some initial investment by way of loan notes to a handful of different companies, all of which were involved in the health technology sector.
As the business has grown over subsequent years, we have assisted the company with some of its day to day agreements, and early in 2019, an arrangement which led to the company's Australian sister company being sold to Deloitte.
Over the summer of 2019 we were delighted to learn about an offer co-founder Neil Murphy had received from Hippo Digital. This felt like a great fit for Converging Data, given that both it and Hippo Digital were Leeds-based businesses specialising in data-analytics working with organisations such as NHS Digital, William Hill, Barclays and Vodafone. Hippo Digital, who has more than 80 consultants, also supports the NHS and Department for Education and Department for Work and Pensions with incorporating digital services into their day to day operations.
The acquisition of Converging Data brings additional clients to the Hippo portfolio as well as expertise in analytics, internet of things (IoT) and cyber security.
Here’s what Neil kindly said about working with us: “We got to know Amy and the 3volution team from early in 2016, and they have been a great help throughout the growth of the business. Clearly very smart people who really know their stuff, Amy has supported me through two transactions in the last 18 months, one involving UK and Australian companies that required some very niche expertise.
“I always felt like I was in good hands, and generally enjoyed the meetings, when did anyone ever say that about a bunch of Lawyers!”
Converging Data is just one of a number of companies we have worked with since start up and which we have since assisted either with their subsequent sales or the receipt of considerable investment.
It's really satisfying working with these clients from their early days through to completion of a successful exit. We are seeing more and more of our technology businesses going through this process which is testament to the quality of their work but also illustrates just how vibrant the digital sector is here in Leeds.