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OpenPSL exit for Apax

OpenPSL, a channel partner in the UK for major vendors such as HP, IBM, Oracle and Veritas, has been sold to Bell Microproducts, which is listed in the US, by its private equity backer Apax Partners. Bell Microproducts has acquired the business for £20m in cash and stock plus a potential earn out of up to £3m. The original deal amount and return on the investment were undisclosed.

Ian Jones, Apax director, said: “Since the original buyout in 1998, OpenPSL has more than quadrupled its revenues and, under the expert leadership of Mike Kontowwt, has grown from a narrowly-focused HP UNIX distributor to a multi-vendor, multi-platform CDP with a major position in the UK market.”