Acquisitionsof Element34 and Clockwork ITfollow theintroductionof adedicated UKandEuropean M&A team, led byNorth West-baseddirector
Leading global operator and long-term software investor Banyan Software announced on Wednesdayits first two deals following the company’srecent investment in a dedicated and locally based UK and European team.
Banyan, which is based in the US andfocuses onacquiring, building and growingsuccessfulenterprise software businesses,has acquired specialist software providersElement34,headquartered in Lachen, Switzerland,andClockwork IT,based in Coventry.
Element34’s flagship product, SBOX, allows enterprises to test the functionality of their web and mobile applications across multiple browsers and mobile devices at scale.
Customers includegovernmentorganisations, global brand owners andseveral leading European banks and insurance companies.
Michael Palotas, co-founder of Element34, said:“We are delighted to be announcing this acquisition with Banyan, who we see as the ideal partner for Element34’s future success. Their unique ‘buy and hold for life’ strategy enables them to take a long-term view in order to maximise the potential for thecompany.Their team’s expertise in scaling B2B software businesses globally was evident from the outset and we’re truly excited to be working with them in the coming years.”
The Element34 acquisition followsthe acquisition ofClockwork IT,bringingthe Banyan UK and European headcount to roughly 100 full-time employees.
Founded in 2003, Clockwork IT delivers field service management software that helps maximise theefficiency and productivity of thousands of remote workers across theUK.
Their core platform, Total CTRL, includes dynamic scheduling tools, mobile app connectivity, an integrated CRM system and automated billing capabilities.
Steve Adams, founder of Clockwork IT, said:“It was paramount for me to find the right partner to support and drive Clockwork’s long-term success. We’re delighted to have found that in Banyan. The valuable insights and expertise that the team can bring is already clear to us, and we’re excited to be involved with the next chapterofClockwork’s growth.”
Given the strong pipeline of enterprise software businesses throughout the UK and Europe, Banyan— one of North America’s fastestgrowing private companiesand ranked 10thin Deloitte’s 2021 Technology Fast 500 —is accelerating plans tofurther expandits M&A team.
UKandEuropean M&Adirectorat Banyan Software, said:“It was clear to us that there is a wealth of opportunity to partner with leading B2B software businesses in the UK and Europe, whichled Banyan to invest in a dedicated team on the ground earlier this year.
“Now, having closed two acquisitions within weeks of each other, this is a testament to the value that our locallybased investment team can bring. We’re delighted to welcome Element34 and Clockwork IT to the Banyangroup, and we’re excited to build on our acquisition strategy in 2023.”
