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6. NoBlue and Elevate2
PE acquirer: FPE Capital
Date: July 2023
Deal size: NoBlue and Elevate2 employed around 70 and 27 staff, respectively.
Rationale:
FPE claims it is on the road to creating one of Europe’s largest Oracle Netsuite partners with this M&A roll up.
Having acquired NoBlue and Elevate2 to form ‘NoBlue2’ in July, it then bolted on a third Oracle Netsuite partner, BrightBridge Solutions, in September.
This triple swoop created a business with 400 customers, 130 staff and revenues of £16m.
FPE has a pedigree of backing ERP software and services businesses, with SAP partner Codestone – as well as identity and access management consultancy Intragen – among its other current investments.
What they said:
“We identified that FPE was the right partner, not just on its track record of backing software companies and its expertise in the next stage of growth that we are targeting, but also in helping us with key initiatives such as moving further into international markets,” Ian Irwin, Founder of NoBlue.
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