Addnode Group acquires Intrinsys
Stockholm-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 was an initial £11m, with £4m deferred.
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.
“None of us had sold a business before – so you rely heavily on someone to take you through the process” – Darren Cairns, Intrinsys
“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 at the time of the transaction in 2017.
At that point, Intrinsys had a large market share in the UK, but was yet to make an impact overseas. As Darren Cairns of Intrinsys explained: “I saw that as the next challenge: how were we able to take the company forwards to support more global business?”
“We engaged BCMS to help us to take the company on that journey,” Darren continued. “None of us had sold a business before – so you rely heavily on someone to take you through the process. What particularly pleased me was that we were introduced to a team of people from BCMS that would be working with us, people on the research side, people on the finance side, and so on. There weren’t people who were introduced and then disappeared, everybody worked with us, and very much appeared to be committed to working just for us.”
BCMS’ Rob Goulding commented: “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.”