Eque2, the leading software provider for the construction industry, has announced the acquisition of CLiPIT Solutions, the Yeovil-based company that specialises in fully-integrated construction accounting and job costing software solutions. Dave Graham of Dow Schofield Watts Corporate Finance assisted on the deal and Catriona Lang from Dow Schofield Watts Transaction Services provided Financial Due Diligence.
Established in 2002, CLiPIT provides construction accounting software which manages a construction company’s job costing, CIS, applications, accounts, retentions and payroll. The acquisition of CLiPIT brings together two strong companies and further strengthens Eque2’s status as the leading provider of construction accounting and job costing software solutions, taking its customer count up to 2,300.
Speaking on the acquisition, Justin Moule, Managing Director, Commercial at Eque2, said: “The acquisition of CLiPIT has provided an excellent opportunity to acquire the skills, knowledge and technology of a company that shares the same aspirations as Eque2.”
Peter Davidson Managing Director, Operations at Eque2 added: “CLiPIT customers can expect business as usual in terms of talking to the same support team, but can also look forward to the benefits of being part of Eque2, and the additional resources, knowledge and investment in product development they will now be exposed to.”
With offices across the UK, Eque2 Ltd is an established Microsoft and Sage business partner, and is a specialist in its provision of software systems to the construction, contracting and house building industry.
It is supported by private equity partner LDC, which backed the firm in a £16m deal in November 2017 to help accelerate the firm’s growth strategy and buy-and-build programme.
John Clarke, investment director at LDC in the North West, said: “This latest acquisition cements Eque2’s position as the leader in its field, further enhancing its customer proposition. We look forward to continuing our collaboration with the team to continue to unlock new opportunities for growth and expansion.”
Legals were provided by Rebecca Grisewood and Kate Richards of Gateley Plc.