WestBridge buys up UK IP cloud, video specialist Techex

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Firm senior investment manager James MacLeay said, “[Techex managing director Richard Bailey] and the whole team have developed Techex into a niche market leader and positioned it for significant potential further growth.

“He is passionate about staying involved in the business, which is why he opted for private equity in favour of a strategic trade buyer.

“…our investment will allow Techex to develop its existing management team, continue to grow talent across the team, expand geographically and build on the strong customer relationships it already enjoys.”

Firm partner Tim Whittard added, “Techex has all the hallmarks of a WestBridge transaction.

“It is a leader in a growing niche market on a global stage, has delivered strong historic growth with even more exciting prospective growth to come in the future and has an ambitious management team that is keen to develop the significant opportunities the market presents.

“…Techex is a perfect addition to the WestBridge II portfolio of companies and we are confident that it will be a strong contributor to our top 5% performing fund.”

WestBridge closed its £140m second fund in the summer of 2019 – a raise which saw the firm smash its initial hard cap of £100m.

AltAssets revealed last September that the firm was targeting £200m for Westbridge III, which it expected to launch during the second half of 2021.

Westbridge typically invests between £10m and £20m in established and profitable UK SMEs.

Source: AltAssets

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