Private equity firm buys UNIT4 for £1bn

UNIT4 will invest in boosting software as a service sales following its acquisition by private equity firm Advent for €1.2 billion (£1 billion).

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UNIT4 will invest in boosting software as a service sales following its acquisition by private equity firm Advent for €1.2 billion (£1 billion).

The deal will see Advent provide financial backing to the software provider as it focuses on growth through cloud services, rather than on-premise licences.  

José Duarte, co-CEO of UNIT4, said: “[Advent] fully back our conversion to SaaS and recognise the investments such a transition requires.

"In addition, they have agreed to structure the financing in such a way that it provides the operational flexibility needed to bring UNIT4 to the next level."  

Advent said that financial support will, in part, focus around increased R&D activity, an area where it says UNIT4 "will need to make substantial investments".

UNIT4 announced in October that it had received 'preliminary interest' from a number of private equity firms.