HMRC software firm raises £100m to expand in US
Summary
A British software company that puts exam papers online, allowing professors across the country to mark at the same time, has raised £100m from BlueBay Asset Management and Lloyds Bank. EDM Group, which traces its roots back to the 1970s and has offices in London and New York, will use the money to fund acquisitions and to increase its presence in North America. Major customers in the UK include HMRC, where EDM supplies the software needed to put millions of paper documents online each year. Backed by private equity firm LDC, it merged with rival IT company Sala in 2011 in a deal worth £52m. “We believe EDM’s track record and blue-chip client base combined with a supportive sponsor in the form of LDC and a strong management team positions the company well for this next phase of growth,” said Ben Harrild, head of UK private debt at BlueBay Asset Management.