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Capita sells five services businesses for £33m

Capita sells five services businesses for £33m

Capita has agreed to sell five software businesses to AdvancedAdvT for around £33m in cash.

AdvancedAdvT was launched by tech entrepreneur Vin Murria in 2021.

AdvancedAdvT has acquired Capita Integrated Business Solutions, which provides financial software and e-procurement solutions in the public and private sectors. 

In addition, CHKS and Synaptic are governance risk and compliance software providers, and Retain and WFM operate in the professional services and workforce automation spaces.

In FY22, the five companies generated total revenue of about £35m.

Murria said: "We will support the new teams in delivering strong additional organic growth, both in existing sectors as well as in new areas, including data, analytics, managed service and digital transformation opportunities.

"Equally, we are able to drive new opportunities, and with a substantial war chest, we are well placed to execute M&A that is both synergistic and accretive over the longer term.”