IDOX acquired by LONG PATH PARTNERS
Context
Long Path Partners has declared its all-cash offer for Idox plc unconditional, completing the acquisition process. The transaction involves the transfer of 100% of the share capital of the London-listed software business to the U.S.-based investment manager. The acquisition is a high-conviction investment aligned with Long Path Partners' strategy of backing high-quality, durable software businesses with mission-critical roles in their respective industries. Idox fits the firm's profile of a cash-generative, stable business providing essential regulatory software. By taking the company private, Long Path intends to support the management team in executing long-term value creation plans, leveraging Idox's established leadership in the UK public sector and regulatory space. This acquisition underscores the sustained institutional appetite for European vertical SaaS providers that demonstrate strong customer retention and dominance in specialized regulatory niches.
Previously, the company had pursued a consolidation strategy by acquiring Tascomi (2019) and Emapsite (2023).
IDOX, which reported an EBITDA margin of in 2024, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the TMT (Tech, Media, Telecom) sector (14.3x).
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Target
Idox is a leading supplier of specialist information management software and digital solutions, primarily serving the public sector and asset-intensive industries. The organization’s business model is structured around providing mission-critical software that enhances operational efficiency for government bodies and private enterprises in sectors such as transport and energy. Its investment thesis is driven by a disciplined "buy-and-build" strategy, targeting accretive acquisitions that broaden its data capabilities and technical service offerings. The firm’s value proposition lies in its ability to manage complex regulatory data environments, helping clients achieve compliance and superior resource management. Strategically, the group prioritizes the expansion of its geospatial and land-use portfolio to create a holistic data ecosystem. By consolidating specialized software providers under its platform, the entity achieves significant scale and strengthens its competitive position in the information management market.
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REFERENCES
Valuation range: EV 300M - 700M GBP
Revenue range: 50M - 100M GBP
EBITDA range: 5M - 25M GBP
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Press release: view release
Target: idox
Acquirer: long path partners