BGF exits as Autodesk buys Datum360 of Teesside

Chris Boyes of BGF

Growth investor BGF has announced a successful exit of Teesside-based Datum360, a Connected Data platform that allows large asset owners to access engineering information and asset data.

Datum360 has been acquired by San Francisco-based Autodesk, Inc. which provides software products for the architecture, engineering, construction, operations, manufacturing, and media and entertainment industries.

Datum360 was founded in 2009 and now has a global footprint.

“BGF, one of the largest and most experienced investors in the UK and Ireland, backed Datum360 in November 2020,” said BGF.

“Since the 2020 investment, the business has multiplied revenue. The investment has delivered a 5.9x money multiple (MM) return and an IRR of more than 60% for BGF.”

Datum360 CEO Steve Wilson said: “On meeting BGF, it was clear that they had a differentiated offering and were well versed in helping SaaS businesses scale.

“They’ve been the ideal partner to help us expand our market share, continue to innovate, and grow the business over our partnership.

“We’re looking forward to the next chapter and an exciting future with Autodesk, which will create significant opportunities for our team and clients.”

The BGF investment was led by Chris Boyes.

Boyes said: “It’s been a pleasure to work alongside an excellent team led by Steve Wilson, David Mitchell and James Michael, supported by non-exec chair, Ross Smith. The sale of Datum360 to Autodesk is a fitting culmination of the progress made during our partnership.

“Datum360 is another illustration of the value created by BGF’s investment model with our patient minority-only capital, allowing us to form long-term partnerships with forward-thinking companies.

“Our approach allows us to confidently invest through the cycle until we reach the right exit opportunity for everyone involved. We are delighted to have worked with the team, and wish Steve, David, James and the wider Datum360 team the best for the future.”

Thomas Brunsnes, drector of Cavu Corporate Finance, which advised Datum360 shareholders on the exit process, said:  “It has been a pleasure working with BGF and the Datum360 team on delivering this transformative transaction for the business.

“Steve, Dave and James have, alongside BGF, been able to expand its international footprint into the USA and Asia-Pacific markets, delivering critical software to some of the world’s largest companies.

“We have worked with Datum360 and BGF for a prolonged period to secure a successful exit for the shareholders, and are delighted to have advised on this highly strategic transaction with Autodesk.”