Private equity investor HgCapital has become a majority shareholder in software provider IntelliFlo after making an undisclosed investment through its Mercury fund.
Managing director and IntelliFlo co-founder Jamie Coats will step down from the senior management team following the deal, in order to pursue other interests.
Co-founders Akeel Ahmed and Nick Eatock will remain in their current roles of IT director and chief executive officer respectively.
IntelliFlo says the senior management team will retain a "significant interest" in the business.
IntelliFlo chief executive officer Nick Eatock said: "I am delighted to be partnering with HgCapital for the next stage of development of IntelliFlo.
"With the support of an expert investor, we intend to continue to invest and deliver even better products for our customers in the post-RDR era. We have ambitious plans for the next five years and remain committed to making sure our customers have the benefit of market leading software during a period of substantial change in our industry.
"I am also delighted that the wider management team is re-investing with me and wish to thank my departing co-founder Jamie Coats for his personal contribution to making IntelliFlo the successful business that it is today."
HgCapital Mercury fund head Matthew Brockman said: "With a strong management team, an outstanding product and highly recurring revenue, the team at IntelliFlo have built a great business. We look forward to supporting the company as it continues to innovate and grow within a dynamic end market."
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