Germany’s Bechtle AG has acquired Warrington-based DriveWorks, for an undisclosed sum.

The company, which has its headquarters in Thelwall, sells design automation and 3D sales product configuration software to manufacturing and engineering companies.

The sale marks a successful exit for venture capital firm BGF, which originally invested £4 million in DriveWorks in February 2021. It said the sale generated a multiple of 2.7 on that investment. Since that investment, Driveworks has grown revenue to reach €6.5m in the 2023/24 financial year.

The company was co-founded by Glen Smith and Maria Sarkar in 2001. Sarkar was named on this year’s King’s Birthday Honours List and awarded an MBE for services to manufacturing.

“BGF’s investment in 2021 was a real catalyst for growth and helped us to achieve our goal of successfully scaling the business. BGF has helped us to create significant value in the business through our expansion and around succession planning,” she said. “With the team’s support, we’ve attracted a high-quality buyer which will ensure future success for our business, team and customers.”

Harry Jones, BGF investor, said: “Driven by a passionate management team, DriveWorks has developed a market-leading offering through investment in technology and talent.”

“We’re proud to have supported the company in helping to accelerate its growth plans. DriveWorks is an excellent example of the BGF investment model, which allows us to form long-term partnerships with dynamic companies and confidently invest through the cycle. The result is a positive exit for all parties, and we wish the business every success in the future.”