Long Path Partners acquires Idox
The deal values the UK public-sector software provider, whose platform supports more than 90% of local authorities, at approximately £339.5 million on a fully diluted equity basis.
Takeaways
- Idox is a information management software and geospatial data solutions for UK public sector.
- Long Path Partners is acquiring Idox.
- The target serves UK public sector and regulated industries across United Kingdom.
After nearly eight years as a public-market shareholder, Long Path Partners has completed its take-private acquisition of Idox in a deal valuing the UK public-sector software provider at approximately £339.5 million on a fully diluted equity basis.
Idox specialises in information management software and geospatial data solutions that underpin critical workflows for more than 90% of UK local authorities.
Founded more than 25 years ago, the company serves government agencies, regulators, and commercial clients in sectors such as energy, transport, and engineering, supporting planning, building control, environmental health, licensing, elections, and engineering information management.
The all-cash offer of 71.5 pence, implemented through the newly formed Frankel UK Bidco entity, represented a 26.8% premium to Idox’s undisturbed closing price and carried overwhelming shareholder support under the UK Takeover Code.
CEO David Meaden will remain at the helm.
Kirkland & Ellis and Ropes & Gray provided legal counsel to Long Path.
Canaccord Genuity served as financial advisor to the buyer.
Rothschild & Co advised Idox on financial matters, with Pinsent Masons as legal counsel.
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