Wed, 31 Jul 2013 | MBO/MBI
SMS solutions provider Esendex has been purchased in a management buy-out deal.
Esendex’s just-promoted CEO Geoff Love, who was previously the COO, headed the £11 million buy-out deal by Darwin Private Equity.
Co-founders Julian Hucker and Adam Bird sold their stakes in the company, citing a belief that those who start a company are not always the best people to run it once it is on a steady path to success.
The pair established Esendex in 2001 in Nottingham and it has grown quickly, anticipating sales of £10 million this year, and with a 60-strong workforce. Having exited the firm, Mr Hucker and Mr Bird will continue to contribute in consulting roles.
Esendex provides SMS services, to include web SMS, email SMS, voice SMS and SMS API, for businesses, enabling them to send bulk or personalised messages to their customers.
Its high profile customers include Boots, Ocado, Kiddicare, Experian, Fitness First, Virgin Media and BAA Gatwick. It has 18,000 business users around the world.
It is understood that Darwin will put further finance into the business to help it expand overseas or to make acquisitions.
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