French enter Cambridge by acquiring computer business
Cambridge-based Computer Aided Design specialist Innova Systems UK has been sold to French listed digital company Visiativ SA for an undisclosed sum.
Established in 2002 as a branch of Root Solutions Limited, Innova provides Solidworks products, training and support for companies employing CAD technology across a wide range of industries.
On the back of consistent growth, Innova Systems became a separate entity in 2015 and achieved sales of c.£4 million in the 2017 financial year.
The transaction enables Visiativ SA, with a €124 million turnover, to establish a presence in the UK and enhance the firm’s European offering. Based in Lyon, Visiativ SA also operates from Switzerland, Morocco and Tunisia and has agencies worldwide.
Innova Systems, which also has offices in London and Nottingham, will continue to operate as currently.
The deal was supported by business and financial adviser Grant Thornton and regional law firm Birketts.
Grant Thornton’s Central and East Corporate Finance team led the full deal process from identifying suitable buyers with a strong strategic fit, through negotiations and transaction structuring, to delivering an excellent outcome for the Innova Systems shareholders.
Innova Systems managing director Mark Bradford said: “We are extremely pleased with the outcome of this deal and excited about the next stage of our strategic growth as part of the Visiativ family.”
Phil Sharpe (pictured), partner at Grant Thornton who led the deal, added: “We are thrilled to have had the opportunity to advise on the sale of Innova Systems, a deal which delivers a great result for all parties involved and provides a strong basis for Innova to continue on its impressive growth trajectory.”