Human Computer Interaction (York) Ltd (HCI) , based at York Science Park in Heslington, has been sold to Advantos Equity Partners, London, for an undisclosed sum.
HCI, which specialises in bespoke software and web applications, was founded in 1989 by MrJeffrey, who was later joined by fellow director, John Bates. The business has eight staff and an annual turnover of more than £700,000.
Advantos, which also has offices in Germany and Norway, comprises a small team of entrepreneurs who buy and invest in small businesses with a focus in technology. Acquiring HCI York complements other Advantos investments and creates a stronger presence for the business in northern England.
“The sale of HCI was professionally orchestrated by Azets who produced the prospectus, identified buyers, and negotiated the deal. Their calm professionalism ensured that a complex negotiation was executed without drama and left all the protagonists feeling good about the outcome.”
Advantos partner, Benjamin Sommer, said: “HCI is an established, well-respected company with 30 years experience and we are delighted to have completed its acquisition as part of our IT sector strategy.
“We are looking forward to developing the business into an international player as part of the wider Advantos portfolio and are also currently seeking several complementary acquisitions to further fuel growth.”
Head of Azets corporate team, Tony Farmer, and corporate finance manager, Richard Weston, also provided corporate finance and taxation advice.
Mr Farmer said: “This deal provides financial rewards for Michael Jeffrey and his fellow shareholders who have developed HCI; a bigger, international business environment for the remaining HCI staff and a skilled IT business with a proven track record for Advantos, complementing other investments in Germany and Norway, in a region where it can benefit from a stronger presence.”