ITM completes buyout with private equity firm

Written by Pensions Age team

Data management and technology services provider ITM has completed a buyout of the company with Inflexion Private Equity.

Following the deal, ITM's existing management team, led by CEO Darran Blount, will partner with Inflexion to drive the business in its next phase of growth. The buyout team is completed by consulting director Maurice Titley, sales and marketing director Matt Dodds, chief financial officer Gurmit Dhesi and executive chairman Duncan Howorth.

According to a statement by ITM, the buyout transaction fulfils the founders’ wishes to step away from the company as part of an orderly transition process, while the business retains continuity in management and continues to operate using ITM's core values.

This investment was made by affiliated funds advised by Inflexion Private Equity Partners LLP, with the Inflexion deal team comprising of Andrew Mainwaring Robin Senivassen, Abhishek Majumdar and James Stevens.

“This new ownership structure will allow ITM to retain our independent and unique position in the market, whilst benefiting from the investment of our new partner, Inflexion Private Equity,” Howorth said of the deal. “Inflexion has demonstrated a clear understanding of the business and their digital expertise and experience in the sector mean they are well positioned to support the continued development and growth of ITM.”

Blount added: “We look forward to developing ITM services to exploit the growth opportunities underpinned by regulatory and industry drivers in our core markets, and broaden our range of services and support our expansion into adjacent markets. Inflexion’s relevant experience in these areas will be invaluable as we work together to drive these developments.”

According to Inflexion managing partner, Simon Turner, “ITM is a clear leader in its space, with a strong reputation built on its high-quality technical staff, bespoke proprietary software and long-term relationships with blue-chip customers”. ITM has established a solid platform to exploit the positive dynamics in its markets, as firms turn to outsourced specialists to manage their increasing volume of data, he added.

Founded in 2003, ITM specialises in technology-led data audit, management administration and migration services, working with pension funds, providers, trusts and administrators, as well as other generalist financial institutions. ITM utilises proprietary software and specialist expertise built over 15 years to provide critical and complex data services for its blue-chip clients in the private and public sectors, including Aviva, Legal & General, Cabinet Office and BT. Headquartered in London, ITM currently employs 120 staff across the UK, with additional offices in Guildford and Edinburgh.

With offices in London and Manchester, Inflexion is a UK mid-market private equity firm, which it says invests in high growth, entrepreneurial businesses with ambitious management teams, working in partnership with them to accelerate growth. Inflexion backs both majority and minority investments, typically investing £10m to £150m of equity in each deal. Funds advised by Inflexion Private Equity Partners LLP have assets under management of c.£2.5bn.

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