Mobeus Sells Lightwork Design To Siemens
Mobeus has realised its investment in Lightwork Design to Siemens PLM Software, a business of Siemens AG, the global conglomerate focusing on electrification, automation and digitalization.
Lightwork Design provides photo realistic rendering and collaborative virtual reality design review software which will enhance Siemens’ 3D data visualisation capabilities.
Mobeus originally invested £1.9m in the management buyout of Lightwork Design and Machineworks, a group of two companies known together as VSI Limited, in 2006. VSI was demerged in 2011 and Machineworks was divested to Dr Johannes Heidenhain GmbH, the large German machine tooling and encoder group, in 2014.
Total returns to the Mobeus VCTs from VSI represent a return of 4.8x money and a 29% IRR to shareholders.
Mobeus Partner, Ashley Broomberg, led the original transaction for Mobeus. Jane Reoch, Investment Director, who led the exit for Mobeus, said, ““When Mobeus invested in VSI we backed two extremely smart management teams. Each team developed highly innovative software and built excellent customer bases. As a result both Lightworks and Machineworks are now part of international corporates, bought for their strategic importance and best in class technologies.”
David Forrester, CEO, Lightworks, added, “Mobeus has been a great business partner to Lightworks. They have shown great support to me and the management team and brought a wealth of experience, which was a key part of our success today.“
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