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Sweden’s Addnode Group acquires Intrinsys for a maximum £15m

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Addnode Group acquires IntrinsysStockholm-listed Addnode Group AB has acquired UK-based engineering software and support services specialist Intrinsys Ltd, in a deal advised by BCMS. The value of the deal is an initial £11m, with £4m deferred until 2019.

Intrinsys is the UK’s largest independent specialist in the provision of PLM (Product Lifecycle Management) software and support services. Working closely with the world-leading engineering software vendor Dassault Systèmes, Intrinsys offers the full suite of Dassault Systèmes’ engineering and PLM software brands. First established in 1999, Intrinsys has UK offices in Milton Keynes and Castle Donington, and a South African operation in Johannesburg. The business offers customisation, software maintenance services, and engineering design and analysis to a customer base of over 500 organisations across the aerospace, automotive and industrial sectors.

Based in Stockholm, Sweden, and listed on the Swedish Stock exchange (STO: ANOD-B), Addnode Group is one of Europe’s leading suppliers of software and services for design, construction and product data information. The group is a leading supplier of document and case management systems to public administration clients in Sweden and Norway.

“The acquisition of Intrinsys matches very well with Addnode Group’s strategy to expand in Europe by acquiring highly skilled Value-Added Resellers of Dassault Systèmes software,” says Johan Andersson, CEO and President of Addnode Group.

BCMS Director Hugh Ashburner, who advised the shareholders of Intrinsys throughout the deal, added: “With its value-added services, clear sector focus, and recurring licence and maintenance revenues, Intrinsys is a textbook example of a desirable, dynamic UK specialist business.

“Understandably, there was significant interest in Intrinsys from potential acquirers in the UK, Europe and North America. Addnode, with its strong track record of building and growing dynamic entrepreneur-led companies, offered a clear vision for the future of the business, and the best strategic fit.”

Watch Darren Cairns of Intrinsys discuss his business sale experiences

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Posted Aug 2017
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