Ixis IT Management Buy Out

From Feb to April 2017, Manoj Ranaweera worked with the founders of Ixis IT, the leading software house in the UK for open source software, Drupal on their Management Buy Out (MBO).

Warrington, UK based Ixis IT was founded in Aug 2004 by Mike Carter and Chris Haslam on an equal shareholding leveraging their individual core strengths. In the early days, Mike focused on Drupal website design and Chris focused on Drupal hosting. Quickly they attracted a name for delivering quality Drupal projects and started to win larger customers.

Whilst there were pressures on the business to expand into other areas, they resisted the temptations and remained 100% focused on servicing Drupal customers. Their persistence paid off when they secured large and crucial clients such as the British Council managing their multiple web properties. They became a prominent supplier to the UK Government via the G Cloud.

As a trusted advisor to Mike and Chris, Manoj was able to present a solid rationale helping both parties to agree the eventual exit price. Our financial partner, Michael Jayson of Crowe Clark Whitehill provided financial advice to Mike. Our legal partner, Stuart Scott-Goldstone from Aaron & Partners represented Mike on legal matters. Chris was advised by Bermans and Mattocks Grindley on legal and accountancy matters respectively in addition to Manoj on the overall deal.

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