Transaction Details

October 21, 2020
London, Manchester

Sector

Technology, Business Services

Deal Type

M&A

Deal Team

Oliver Vaughan, Arthur Callaghan, Tom Battersby, Jamie Noble

GCA Altium advises Graphite Capital on the acquisition of a majority stake in Ten10

GCA Altium has advised Graphite Capital, a leading UK mid-market private equity specialist, on the acquisition of a majority stake in Ten10, a leading quality engineering and software testing consultancy in the UK, from Livingbridge.

Ten10 employs around 300 staff across offices in London, Leeds and Raleigh, North Carolina, USA, and has a large and diversified customer base of approximately 100 mid-sized and blue-chip organisations across the financial services, retail, legal and public sectors. Ten10’s services help customers manage the commercial and financial risks involved in developing, implementing, upgrading and integrating software to enable them to comply with regulatory change, support business growth, increase customer satisfaction and reduce costs.

Using market-leading tools and methodologies and wide-ranging specialist consulting expertise, Ten10 provides clients with a flexible and cost-effective resource on a project, outsourced, or in-sourced basis. The firm has an established, award-winning academy which provides graduates with industry-leading training in business analysis, software testing and quality engineering.

Ten10’s management team is led by Chris Shaw, who has repositioned the business and overseen a period of strong growth since his arrival as chief executive in September 2017. In the two years to April 2020, the 12-month rolling revenues increased by 28 per cent to more than £26 million. The management team has reinvested a substantial percentage of their proceeds into the business as part of the deal.

Chris Shaw said: “We have known Graphite for a long time and believe they will be great partners for Ten10. Graphite has a strong track record of supporting technology-enabled businesses to become leaders in their sectors. Their expertise will be invaluable as we develop new tools and products and accelerate our international expansion.”

Humphrey Baker, Partner at Graphite Capital, commented: “GCA Altium were fantastic in helping us to deliver against a tight timetable, providing clear sector knowledge and execution expertise throughout. We are extremely pleased with the end result and GCA Altium were indispensable in getting us there. We are looking forward to supporting Chris and his team in the next chapter of Ten10’s development.”

Ollie Vaughan, Managing Director at GCA Altium, added: “It was a pleasure working alongside the Graphite team in supporting Ten10 management on its next growth phase. The company’s highly regarded academy and consultant proposition is well positioned to capitalise on the vast market opportunity ahead of it.”

The transaction marks GCA’s second digital transformation and quality engineering deal in a week following the sale of Sparta Global to Inflexion. GCA Altium also co-advised Marlin on the sale of Qualitest to Bridgepoint in 2019.

Related Transactions

Previous
All transactions