Mid-market investor Palatine Private Equity has acquired a majority stake in FourNet, the award-winning digital transformation and customer experience specialists with clients including 10 Downing Street, the Cabinet Office, HM Treasury and the Bank of England.
Headquartered in Manchester, and with offices in London and Burton-on-Trent, FourNet has annual revenues of GBP38 million and employs more than 100 people. The company has around 200 customers, with a significant number in the public sector.
Reflecting its strong three-year growth rate of nearly 55 per cent, FourNet featured in the Sunday Times Tech Track 100 for 2020, the index of the 100 privately-owned technology companies with the fastest-growing sales. The company has won a string of awards in recent years and has also been acknowledged as one of the Best Tech Companies to work for in Britain.
The firm was founded in 2005 by CEO Richard Pennington, Operations Director Frank Jennings, Chief Technology Officer Mike Jervis and Sales Director Steve Tyrrell. Since 2017 it has been backed by YFM Equity Partners, which took a minority shareholding.
Read more/Source: Private Equity Wire
