03 Sep 2013
ICON has advised Hydra Management on its sale to Latin American based eTask Technologies.
Hydra provides portfolio project management software for the financial services, technology and public sector industries. The company has more than 50,000 users and over 100 blue chip customers including Willis, Virgin Money, Experian and Leeds County Council. The Hydra product provides the tools required to plan, manage and monitor all the resources across complex programmes and portfolios. Customers adopting Hydra's technology typically see a return on their investment within six months.
Hydra was acquired 5 years ago by Clinical Computing Plc who turned it from a loss making business to a profitable company generating substantial recurring revenues.
Commenting on the deal MD, Sanjay Gandhi, who led the business from acquisition through to exit, said: “Having turned the business into a profitable entity, grown the customer base and significantly enhanced the technology this deal not only marks a substantial shareholder return but also a new chapter for Hydra as eTask provides us with a perfect reach into new geographical markets.”
Simon Moynagh, Investment Director at ICON, who led the deal added: "eTask is a good strategic fit for Hydra. The Hydra solution is tried and tested in its UK domestic market and this transaction gives the opportunity to scale it across other regions particular into the emerging markets of South America where eTask has considerable expertise.”
eTask Technologies is the international project management software company behind eTask-it the online Project Automation platform. With operations in UK and Latin America and customers in more than 7 countries across three continents, eTask Technologies is one of the innovation leaders in the PPM, Project Management space.
Shakeel Ahmed, Chairman of eTask Technologies said: “The acquisition of Hydra Management is a significant step in the growth of eTask Technologies towards playing a leading role in the PPM software sector. Hydra’s proven track record in delivering value to its customers, together with eTask’s innovative technology and international distribution network offer a perfect strategic combination for growth.”
Commenting on ICON’s role as lead adviser Sanjay Gandhi, MD of Hydra, said: “If you are looking for deep sector knowledge of the global buyers then ICON will ensure that you will achieve the best possible result. ICON demonstrated this as they secured a Latin American based-buyer that was a perfect strategic fit and provides Hydra with a platform to expand into emerging markets.”