Simunix joins Banyan Software in strategic acquisition

Azets Corporate Finance has successfully advised the shareholders of Simunix Holdings Limited on its sale to Banyan Software, a company that acquires and develops growing software businesses worldwide.

York-based Simunix – founded in 1998 by John Lewis – has become part of Banyan Software, which operates more than 100 portfolio companies across North and South America, the UK, Europe, and the Asia Pacific region.

Simunix is a leading provider of people and business searches, ID verification and data software for public and private sector organisations.

Simunix’s flagship platforms, including ORBIS and T2A, are used by UK police forces as well as logistics, financial services and compliance organisations for identity verification and geo-location.

Founded in 2016, Banyan follows a ‘buy, grow, and hold-for-life’ approach, providing founders like John with a permanent home for the businesses they have built.

An Azets Corporate Finance team led by partner Nick Barker and supported by assistant manager Will Eardley, acted as lead financial advisers for the Simunix shareholders, from the negotiation of heads of terms through to the completion of the deal.

Business tax associate director Karen Sadler led the Azets tax team who advised on the tax aspects of the transaction.

Nick Barker said: “Simunix has developed an exceptional reputation in advanced software for identity search and verification and, in Banyan, has a new owner who has a proven track record of taking the businesses in its international portfolio to the next level.

“As a long-standing and valued client of the Azets York office, we were delighted to provide support on this important transaction for the business and its exiting shareholders.

“The transaction supports Simunix’s next phase of growth under new ownership that promises to invest in its long-term development and uphold the core values that have made it such a success over the past 28 years.

“Our best wishes go to all parties in the transaction as a new era dawns for the business.”

Raworths, of Harrogate, Yorkshire, acted as legal advisers to the Simunix shareholders.

The multi-discipline team from Raworths comprised Jon Healey, Jennifer Watson and Jessie Wray from Corporate and Commercial and Sally Togher from Employment.  Jon Robinson of Parisi Tax provided tax advice.

Jon Healey, Head of Corporate and Commercial at Raworths, said: “We have supported John Lewis and Simunix over a number of years and have developed a strong relationship, drawing on expertise across our corporate, commercial and employment teams.

“It is very rewarding to help deliver this transaction for all parties.  We have no doubt that this successful business, which John has led and grown from inception, will continue to thrive and develop under Banyan’s stewardship.”

Simunix founder John Lewis said: “We have developed a longstanding relationship with both Azets and Raworths over many years, so we had no doubts about placing this transaction in their hands.

“We received an outstanding service throughout the process, characterised by commercial insight, responsiveness and hands-on support to ensure a successful outcome.”

John welcomed the new ownership by Banyan.

He said: “Simunix has spent more than two decades building systems that public and private sector customers rely on every day to support their business operations.

“As I looked ahead to the next chapter, finding a partner who would recognise what we’ve built and invest in its continued development was the most important decision I could make.

“Banyan stood out for their long-term mindset, their respect for our core values, our team and their genuine commitment to the business and the customers we serve.”

The deal further reinforces Azets Corporate Finance’s position as one of the UK’s most active advisers to owner-managed businesses and SMEs, completing transactions across a broad range of sectors and geographies.

With dedicated expertise across all sectors, Azets continues to advise entrepreneurs, management teams, private equity investors and corporate acquirers on many of the UK’s most notable lower mid-market transactions.

The transaction value was undisclosed.

Image caption: SIMUNIX SALE: Azets Corporate Finance has advised the shareholders of York-based Simunix Holdings Limited on its sale to Banyan Software. Pictured from left to right are Will Eardley (Azets, Corporate Finance Assistant Manager), Jon Healey (Raworths, Partner and Head of Corporate and Commercial), John Lewis (Simunix founder) and Nick Barker (Azets, Corporate Finance Partner).