NorthEdge launches CMap sale via Houlihan Lokey – sources
Summary
- Buyer conversations underway, PEs among interested parties
- The UK software firm posted 2023 EBITDA of GBP 2.2m
NorthEdge has launched the sale of its project management software specialist CMap Software, two sources familiar with the situation told Mergermarket.
Houlihan Lokey is acting as sellside financial advisor for the sale of the Manchester-based company, the two sources and a third source said.
Conversations with potential buyers are underway, the first two sources said, noting that the interested parties include private equity funds.
UK-based NorthEdge backed a management buyout of CMap in December 2019, according to the sponsor’s website.
CMap generated GBP 2.2m of EBITDA off GBP 9.6m in turnover during 2023, which was up from GBP 1.5m EBITDA and GBP 7.5m turnover the previous year, according to a Companies House filing earlier this month. The company made its first ever acquisition in early 2023, of Atvero, a UK-based provider of document and email management software to architects, engineers & construction firms.
The results were in line with expectations, taking into account macro-economic conditions and continued investments into operational infrastructure, CMap said in the filings.
This news service reported in October last year that NorthEdge was planning to put CMap up for sale during 2024, with Houlihan Lokey among several parties positioning for a sellside mandate.
CMap provides cloud-based project management software to clients across a range of sectors, including professional services, architecture, engineering, healthcare, creative and consulting, as per NorthEdge’s website.
CMap has close to 180 employees spread across offices in both the UK and the US, according to its LinkedIn profile.
Houlihan Lokey declined to comment. CMap and NorthEdge did not respond to requests for comment.