Matrix makes 32X return from sale of App-DNA Group

Matrix Private Equity Partners LLP (“Matrix”) is pleased to announce that it has agreed to sell portfolio company App-DNA Group Limited for $92 million(c. £58 million) to Citrix Systems Inc, subject to final contract.  

Total proceeds from the exit will be approximately £16.4 million for the Matrix advised fund, The Income & Growth VCT plc. This represents a return of approximately 32 times the fund’s original investment.

App-DNA is a software company whose products enable blue chip customers around the world to save time and money when changing operating systems or virtualising IT applications. App-DNA’s products are in high demand following the launch of Windows 7 and the steady move towards cloud computing.

Guy Blackburn, the Matrix non-executive director of AppDNA who managed the investment to exit, comments:

“App-DNA is a great commercial success for the UK technology sector and it provides an outstanding return to Matrix VCT investors. App-DNA was started just a few years ago when we decided to commercialise a software tool developed at Camwood Enterprises Limited, another Matrix portfolio company.

The App-DNA team has done an excellent job delivering strong growth and establishing such a global presence so quickly. Matrix is proud to be part of this story which demonstrates that the UK continues to be the birthplace of highly innovative, fast growing and internationally successful businesses.”

It is anticipated that completion will occur in November 2011, once certain procedural conditions have been fulfilled.

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Issued by Mobeus Equity Partners LLP, of 30 Haymarket, London SW1Y 4EX, registered in England & Wales number OC320577, authorised and regulated by the Financial Conduct Authority, number 456538. This material is for information only and does not constitute an offer to buy or sell an investment nor does it solicit any such invitation. The information contained in this email is believed to be accurate at the date of publication but no representation or warranty stated or implied is made or given by any person as to its accuracy or completeness and no responsibility or liability is accepted for any such information or opinion.

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