VC firm YFM Equity Partners supports Insider Technologies BIMBO to develop sales arm
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Richard Lauder, the former president EMEA at ACI Worldwide, is joining Insider Technologies as part of a £3 million deal led by YFM Equity Partners.
The firm has backed the buy-in management buy-out (BIMBO) of software business Insider Technologies to allow it to develop a sales and marketing function and create new jobs to support the development.
Having spent 40 years in the IT industry, ex-ACI Worldwide president EMEA Richard Lauder has been added to the board as executive chairman.
The management team leading the BIMBO at the Salford-based business includes CEO Gerry Murphy, technical director Paul Cashmore and customer services director Tony Mowatt.
Insider Technologies supplies enterprise software products that can track and monitor payments in retail and investment banks as well as high security tracking for government and defence organisations.
According to the software firm, the management team conducting the £3 million BIMBO have worked together at the business for 15 years.
Ian Cameron, investment director at YFM Equity Partners, comments, 'Insider Technologies has a fantastic reputation and is well established.
'The management team work very well together and with Richard joining as executive chairman are well placed to capitalise on new business especially in European, Middle East and Asian market.'
YFM Equity Partners makes investments of up to £10 million of equity into fast-growing businesses across the UK. Recent investments include the backing of Seven Technologies and Selima while it has also recently exited Metronet making a 5.5x return on its original investment.