Listed German tech firm, Bechtle, has acquired DriveWorks for an undisclosed sum.
The €6.5m (£5.4m) turnover North West tech business provides design automation and 3D sales product configuration software to the manufacturing and engineering sector.
DriveWorks was founded in 2001 by Glen Smith and Maria Sarkar and currently employs 59 staff at its Thelwall base.
“We are thrilled to be part of Bechtle. We share the same drive, passion, and commitment to delivering exceptional technology to manufacturers worldwide, while valuing the people who make it all possible,” said Sarkar, Vice President & Co-Founder of DriveWorks.
“The demand for Design Automation, 3D Visualization, Product Configuration, and CPQ solutions is growing rapidly. Together with Bechtle, we will extend the benefits of DriveWorks technology to further support our customers’ success.”
The €6bn turnover German tech firm has been selling DriveWorks’ add-on software for years and said it knew the company well.
“I am particularly pleased with this acquisition as I’ve been a fan of DriveWorks’ fantastic quality for years. For our customers, automating design and custom configurations are key to boosting efficiency and establishing new business models. DriveWorks has developed an outstanding application that will be hugely important in the future and stands for a great addition to the Bechtle portfolio,” explained Uwe Burk, Executive Vice President PLM | Engineering & Manufacturing, Bechtle AG.
Glen Smith and Maria Sarkar will remain with the company, but hand the reins over to their 2 successors, current Commercial Director, Mark Sarkar, and Philip Stears, who is the company’s Chief Technology Officer.
Bechtle stated that the company would to operate as an independent company, exclusively serving Solidworks resellers in 54 countries.
The company also operates two subsidiaries in Australia and the USA, both of which will be retained, together with employees in France and India.
The acquisition means the exit of BGF, which invested £4m in DriveWorks in 2021 and since then it has more than doubled revenues. BGF stated that the sale had generated a money multiple of 2.7x and an IRR of 32% for BGF.
“Driven by a passionate management team, DriveWorks has developed a market-leading offering through investment in technology and talent,” said Harry Jones, BGF investor.
“We’re proud to have supported the company in helping to accelerate its growth plans. DriveWorks is an excellent example of the BGF investment model, which allows us to form long-term partnerships with dynamic companies and confidently invest through the cycle. The result is a positive exit for all parties, and we wish the business every success in the future.”
Sarkar added:
“BGF’s investment in 2021 was a real catalyst for growth and helped us to achieve our goal of successfully scaling the business. BGF has helped us to create significant value in the business through our expansion and around succession planning. With the team’s support, we’ve attracted a high-quality buyer which will ensure future success for our business, team and customers.”
