British software company Proteus has snapped up rival Sharktower in a deal which will land a multi-million pound windfall for the smaller firm’s founders.
Proteus, a consultancy business which has worked with the BBC and the Ministry of Justice, is understood to be buying Edinburgh-based Sharktower for close to £10m.
Windfall: Proteus is understood to be buying Edinburgh-based Sharktower for close to £10m
The deal will deliver the huge payout for founders Craig Mackay and Lynsey Taylor, as well as a handful of others who have backed the two-year-old business.
Alex Lusty, investor director for angel investment group Equity Gap, said the sale was ‘an excellent outcome for the founding team and our investors in Sharktower’.
Sharktower’s software, which has been used by BP, automatically tracks what is happening across a business and alerts managers when goals are not being met.
Cambridge-based Proteus, which was founded in 1999, hopes the deal will help it fulfil its aim of working with half of the FTSE 350 by 2025.
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