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North Shields software firm Kykloud is bought by United States giant Accruent

A North East software company backed by a regional growth accelerator has been bought by a US firm on part of a global acquisition spree.

 

North Shields’ Kykloud, which was founded by Ed Bartlett and Nick Graham in 2011 to provide asset management and mobile building inspection software, has been acquired by Texas company Accruent, which develops software that allow organizations to manage the lifecycle of their physical resources.

Kykloud, which has won support from Northstar Ventures from its Finance For Business North East Accelerator and Proof of Concept funds, is the latest firm to be bought by Accruent after deals in Holland and elsewhere in the US.

 

Kykloud’s app automatically uploads data to a cloud-based asset information portal, where users can get a clear portfolio overview, and accurate site data to enable better forecasting and budget planning. Its customers include the BBC and and more than 30% of all UK surveyors.

 

The deal, which was led and structured by Newcastle’s Cavu Corporate Finance with city legal firm Ward Hadaway providing the legal advice, will see Mr Bartlett and Mr Graham continuing in their roles as part of the enlarged group.

 

Mr Bartlett said: “The Kykloud team and I are excited to integrate our solution into the Accruent portfolio.

 

“We’ve long admired Accruent’s global reach and best-of-breed solution set. We are confident that Kykloud’s accessible user experience will add an important and strategic component to Accruent’s portfolio, and will put Kykloud in front of a much wider range of customers.”

 

John Borgerding, CEO of Accruent, said: “This acquisition helps us fulfill our global strategy of bringing complementary best-of-breed solutions into our portfolio, and fits our vision of helping customers manage physical resources across their lifecycles.

 

“We look forward to introducing the ease-of-use and flexibility of Kykloud’s tablet-optimized app to customers around the world involved in property surveying, third-party building maintenance or real estate operations.”

 

Ian Richards, who oversees the investment team at Northstar Ventures, said: “We initially provided funding for the business when it started up in 2011 and have worked with Ed and Nick during the ensuing years providing additional support in line with their growth plans.

 

“It’s been really exciting to be involved and see Kykloud’s business successfully expand and progress to this stage. We wish Ed and Nick every success as the business moves into its next chapter under the Accruent banner.”

 

Originally published in ChronicleLive