Our Corporate Finance Partner, Susannah Adams and Ricki Critchell, our Corporate Finance Manager have successfully completed the sale of a majority stake in Bristol-based Procentia Limited and its US subsidiary Procentia Inc to BT Pension Scheme Management Limited (BTPSM) for an undisclosed sum.
Founded in 2002, Procentia is a specialist software house which has developed a market leading, web-based pensions solution, which it delivers to a wide variety of blue-chip clients in the UK, US and more recently throughout the world.
The founders will retain shares and work with BT Pension Scheme Management Limited to implement its Intellipen system for the Scheme’s member administration services.
With BTPSM’s support, Procentia will continue to accelerate its success as a market leading solution for other companies requiring a powerful but cost-effective tool which combines integrated workflow, document and interface management with a sophisticated rules and calculation engine.
Susannah Adams, our Corporate Finance Partner, said: “It has been a pleasure and a privilege to work with five hugely talented individuals to facilitate them taking the next step towards realising the full potential of their exceptional suite of products”.
Steve Donkin, CEO of Procentia, added “Milsted Langdon did an incredible job of advising and guiding us through the complex and sometimes bewildering process of selling our business.
“The sheer amount of work they put into getting us the right deal was far more than we could ever have expected and their willingness to regularly ‘go the extra mile’ to get the deal over the line, was hugely impressive.
“Susannah and Ricki were a pleasure to work with throughout the process and the Procentia founders are all delighted with the deal that they have helped negotiate on our behalf”.
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