Opportunities in a buyers’ market
Utimaco is one of the world’s leading providers of security and data management solutions in regulated and critical infrastructure. Utimaco has a c.5-10% global market share in Information Security. Growth in its core markets is driven by growing cybercrime costs, an increase in confidential data flows and further tightening of regulation and compliance. We had the opportunity to take a stake at an attractive price.
Cyclomedia has developed patented vehicle-mounted camera systems which it uses to collect street level data for clients such as local authorities. These easily-updated virtual maps are a labour- and cost-efficient method of monitoring public infrastructure, health & safety and even taxation values. Cyclomedia has proprietary hardware which has been developed over decades and a significant library of historic data, both of which are valued by its clients.
CARDO Group is a repair & maintenance business for the UK social housing sector. The group also provides major refurbishments and retrofits with a focus on projects required by stringent health & safety and energy efficiency regulations. Despite being in the construction industry, it has a defensive financial profile with long-term contracts, high returns on capital and cash generation. It is a leading regional player in a highly fragmented market with multiple growth levers including geographic expansion, product range extension and consolidation. The management team is supported by a general partner with proven experience in energy transition and in executing add-on acquisitions.
OneTouch is an end-to-end management platform for the healthcare industry. Its fully integrated software solutions allows care providers to monitor and communicate all elements of care provision, including keeping the relatives of patients informed. OneTouch is the leader in the large social care software market in the UK & Ireland, which is growing at 16% per annum due to positive demographic and regulatory drivers. There is clear potential for consolidation in a fragmented market, as well as international expansion.
