North Shields' software company Kykloud sold to Texas giant Accruent

North Shields’ Kykloud has been bought by software company, Accruent, in the US.

Kykloud is a global provider of asset management and mobile building inspection software, and was founded by Nick Graham and Ed Bartlett in 2011.

The deal was led and structured by Cavu Corporate Finance with the Newcastle team of Ward Hadaway providing legal advice.

CEO and founder of Kykloud, Ed Bartlett said: “The Kykloud team and I are excited to integrate our solution into the Accruent portfolio. We have been working with Cavu for the last three years getting the business in shape in the event we wanted to pursue a transaction.

“The service provided by the Cavu team was exceptional - they took the time to understand our business and pursued what was in the best interest of Kykloud and its Shareholders. Our thanks also goes to the team at Ward Hadaway for their efforts on the negotiations.”

Based in Austin, Texas, Accruent was founded in 1995. The business helps others to plan and manage real estate, asset management and facilities. It is backed by Genstar Capital, a US private equity firm.

Katherine Hay-Heddle, corporate partner at Ward Hadaway’s office in Newcastle led the team advising on the legal aspects of the deal.

She said: “We are delighted to have advised the shareholders on this transaction. It’s great to have been involved in helping Kykloud from the first investment all the way through the completion of the sale.

“We are thrilled that the deal has had a positive outcome for all parties involved. We look forward to tracking Kykloud’s progress as part of Accruent.”

Ian Richards, who oversees the investment team at Northstar Ventures, said: “We initially provided funding for the business when it started up in 2011 and have worked with Ed and Nick during the ensuing years providing additional support in line with their growth plans.

“It’s been really exciting to be involved and see Kykloud’s business successfully expand and progress to this stage. We wish Ed and Nick every success as the business moves into its next chapter under the Accruent banner.”

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