New Zealand’s largest venture capital firm Movac has generated its biggest return to date with the exit of its investment in field services management technology business Tradify.
Tradify, which provides mobile phone-accessible services to trades businesses, has been acquired by UK company The Access Group, as previously reported by Private Equity Media. No financial details of the acquisition have been disclosed but New Zealand publication National Business Review (NBR) says Movac has reported to its investors that it will receive $NZ85.5 million for its 33.6%.
That indicates the acquisition valued Tradify at more than $NZ250 million.
NBR quotes Movac partner Jason Graham as saying the Tradify sale represented a “really, really meaningful exit” for Movac’s $NZ250 million Fund 5. The fund had invested $NZ21 million in primary capital over Tradify’s Series A and Series B rounds, as well as a confidential amount in secondary equity acquired from other investors.
At the time of Tradify’s acquisition, other institutional investors included Icehouse Ventures (9.2%), K1W1 Fund 3 (6.3%) and the NZ Government-funded Aspire NZ Seed Fund (2%).
Tradify has operations in Australia and the UK as well as New Zealand and employs 107 staff. Chief executive Michael Steckler, management and all staff are to be retained by The Access Group.
Tradify was founded by Curtis Bailey who remained a director at the time of the acquisition. Early angel investors Adam Clark and Serge van Dam were also directors. Separately from any employee stock ownership plan, Bailey held a 9.2% stake, interests associated with Clark, 6.8% and van Dam 3.4%.
Image: Tradify provides mobile phone-accessible services to trades businesses.