Lyceum Capital £50m injection to boost Access expansion

£50million injection for Access
£50m injection for Access UK

ENTERPRISE FINANCE: ERP, HCM, specialist secures expansion capital in £50m Lyceum investment

By ECM Plus staff

ECM Plus +++ Colchester-based business management specialist Access UK has been successful in its bid to go ahead with a rapid expansion strategy after securing a £50 million deal with growth investor Lyceum Capital.

According to the company, the capital injection will help to boost the range of enterprise resource planning (ERP) software and services, with a particular slant on financial management systems (FMS) and human capital management (HCM) the company said.

Access currently serves a 5,000-strong mid-market client base spread across a broad range of sectors and includes brands and enterprises from Topps Tiles, National Museum of Science and Industry, Sue Ryder Care, and Sacla’ to Birmingham International Airport.

Established in 1991, Access has grown to become a £28 million turnover business with an EBITDA of £5.5 million. The firm has nine offices across the UK and Ireland and employs over 300 people.

The £50 million transaction will see Lyceum Capital invest alongside Access’ existing management, led by CEO Chris Bayne, which has been responsible for driving a 15 per cent growth in sales over the last 12 months. Lyceum’s investment will help the team execute its ambitious growth plans.

Access’ expansion management team will be further supported with the arrival of Chairman Gareth Denley who has held senior executive positions at IBM UK, Spring Group plc and Rebus HR (CEO) and non-executive director David England who was formally chief operating officer at Computer Software Group Plc and held senior positions in Solution 6 Group and Tyco International.

The deal also sees the firm acquire the stakes previously held by founder Alistair O’Reilly and a number of other shareholders. Lyceum Capital’s Jeremy Hand and Phillip Buscombe have joined the board of Access.

Capital’s funding and strategic support will enable Access to expansion on rapid organic growth and the acquisition of complementary solutions. The company said that it expected its new strategy will continue product development, including the ongoing development of Access’ software as a service (SaaS) capabilities.

Jeremy Hand, who led the deal for Lyceum Capital, said: “Access is a highly attractive company with a successful operating model, proven management team and a strong position in the rapidly growing business segment of the software market.

“This deal will give the business the funding and additional insight and expertise to broaden its services and penetrate further into key vertical industries.”

Chris Bayne, CEO of Access, added: “It’s fitting that on the 20th anniversary of Access’ incorporation we’ve agreed a deal which marks a significant step change in the speed and scale of the business’ expansion and secured the backing of an investment partner with an outstanding track record of generating sustainable growth.

“We’ll be focused on the continued development of our market-leading product and service portfolio through a combination of in-house development and the targeted acquisition of complementary solutions and will be looking to further develop our offering across the mid-market space.”

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Filed under Enterprise Resource Planning & Management, Industry News, SaaS (Software-as-a-Service)

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