Exits – Financial Data Sys exit for Gresham

Financial Data Systems, a company born out of a 1997 management buyout from IBM, has been sold to Wolters Kluwer, the Netherlands-based international publishing group, for an undisclosed sum. Financial Data Systems is the name attached to FDS Taxpoint Limited and FDS Professional Solutions Limited.

Gresham Trust backed the GBP3.75 million (EURO6.1 million) buyout of the company, which supplies a range of taxation and practice management and workflow and compliance software services to accountants, banks and professional advisers. It has annual revenues of over GBP4 million and in excess of 50 staff.

Gresham Trust’s investment in Financial Data Systems has presented it with an IRR on investment over the three year period of 48 per cent.

Financial Data Systems was advised in the sale by Deloitte & Touche and Olswang, while Wolters Kluwer was advised by KPMG and Wragge & Co.