Maven Fairness exits expertise consultancy Intec Enterprise at 2x a number of
The British investment firm Maven Equity left the SME technology consultancy Intec Business Solutions with double the investment multiplier.
inTEC was founded in 2016 and offers SMEs specialized support services in the identification and design of technology business models. The company has signed a £ 7.7 million license financing agreement with AIM-listed Duke Royalty to refinance the group’s debt and equity after Maven’s exit.
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Maven invested £ 750,000 in the company in two tranches in 2018 and 2019. The capital enabled inTEC to build up a corporate infrastructure and create 40 new jobs. It acquired seven companies during the investment period.
Karen de Meza, Portfolio Director at Maven, said, “inTEC has a unique mix of skills across all of the Group’s businesses that sets it apart from other technology consultancies. The agreement the company has entered into with Duke Royalty is a strategic step for the company to move into the next phase of growth. inTEC can continue to deliver in the evolving technology area and help companies provide solutions to optimize efficiency and compete more effectively by working smarter through technology. “
Maven closed its first buyout fund two years ago, which was raised by institutional investors for £ 100 million. Recent investments in the past year include the Bright Network media technology recruiting platform and partnering with Gresham House Ventures to buy into the RevLifter e-commerce business.
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