Axiom GRC acquired by INFLEXION

Inflexion agreed on 22 February 2024 to acquire the Governance, Risk and Compliance software and services assets of Marlowe, the UK listed compliance group, in a carve-out at an enterprise value of £430M, an EV/EBITDA multiple of . The business was sold on a debt-free, cash-free basis, the investment was made through Inflexion's Buyout Fund VI, and the transaction completed on 31 May 2024. The sale concluded a strategic review at Marlowe and left the group with its two core compliance services divisions, testing, inspection and certification, and occupational health, which together accounted for about 80% of its revenue. Marlowe was to use the proceeds to repay its borrowings in full and return capital to shareholders. Alex Dacre, who had founded Marlowe in 2015 and built it through some 80 acquisitions into a listed group, stepped down as its chief executive to lead the carved-out business. As a standalone company, later renamed Axiom GRC, it was to grow organically by cross-selling between its business lines, launching new software and investing in sales and marketing, alongside acquisitions to broaden its range and expand internationally. The deal was Inflexion's fifth carve-out in three years, after GlobalData, Curinos, aosphere and Giacom, and drew on its experience in the compliance sector, including its investment in Alcumus, sold to Apax Partners in 2022 and in which it later took a minority stake. Houlihan Lokey acted as buy-side and financing adviser to Inflexion.