Manchester-based Intuita, a leading supplier of software to the UK construction industry has announced its merger with EVision Limited as part of an ambitious buy and build strategy.
Intuita, which underwent a management buy-out last month, has followed the MBO with the merger of EVision Limited in the same month.
Intuita, led by Richard Beaton (48) who has a track record of success in creating and growing sales-led IT software and services businesses, has made no secret of its plans to drive consolidation in the market and acquire suitable companies to achieve its expansion plans.
EVision, with offices in Livingston in Scotland, Manchester and London, is one of the UK’s leading providers of business information systems for the construction sector. Based on Microsoft Navision, EVision’s ‘Build-IT’ product has eight business application modules which are used as an important management tool for the planning, development and management of complex and detailed contract work.
EVision is a Microsoft GOLD CERTIFIED Business Solutions Partner and employs a large UK team of professionally qualified consultants.
EVision’s managing director Tom Mill (59) and Alan Robbie – sales director (49) will continue to drive the growth of the Evision business within the newly formed group.
Advising Intuita on the acquisition were Clearwater Corporate Finance led by partner, Carl Houghton and Jane Mercer, who also advised on the recent MBO. Jane Mercer has now joined Intuita as finance director.
Providing funding for the acquisition is Bank of Scotland (led by Peter Smith), who also funded the recent MBO and YFM Private Equity (Nigel Barraclough). YFM’s Barraclough will be joining the EVision board as a non executive director. DTE Corporate Finance, (Matthew Beckley) carried out the financial due diligence on behalf of the funders.
Intuita clients include household names such as Wates, Bovis Homes, Carillion and Skanska. Skanska has just awarded a £2.5 million five year contract to Intuita for the supply of financial and operational systems.
Commenting on the acquisition, Richard Beaton, Intuita’s chief executive officer said; “We’re delighted to be merging with EVision so quickly after our own MBO. EVision will provide Intuita with breadth of product offering with Build-IT for the SME market. We are continuing in our endeavour to become the dominant player in our market and to further enhance our offering to our clients.”
With the EVision deal, Intuita now employs in excess of 60 staff with a turnover of £8 million.
Carl Houghton, partner with Clearwater added; “This merger is very strategic – broadening the offer to the mid market construction companies. This deal, coupled with major contract wins at Intuita should see the group off to a flyer.”