Bridgend-based technology company KWR Technologies Limited has been acquired by Aprose Solutions Limited (a subsidiary company of the Utiligroup, the UK Subsidiary of ESG).
Having made its entry equity investment in 2013, the Development Bank of Wales has now successfully sold its shares in KWR Technologies (the holding company of Accelero Digital Solutions Limited).
KWR/Accelero is a bespoke software engineering business that has developed the EnGenero application development tool widely used by organisations that require high quality and robust systems with efficient processes. It is used by Aprose Solutions for their smart meter solutions in the energy sector.
Paul Lee deputy fund manager at the Development Bank of Wales said: “The KWR/Accelero divestment comes within two years of the Aprose Solutions’ trade investment into KWR made in June 2016, and during the interim period, the working relationship between the companies has significantly strengthened. As a long-term investor, we have delivered a successful result after just five years.
“As a patient equity investor our role is to work with the companies that we support; aiding their long-term growth. We’ve been delighted to play a role in the journey that KWR has taken over the last five years and wish them and Accelero every success.”
Kelvin Jones, managing director of Accelero Digital Solutions Ltd said: “We are excited to join ESG and work as a team to help transform the energy sector for customers. We believe that our approach to developing complex software with a small number of people provides significant value and opportunity.”
The Development Bank of Wales made 66 investments in both early stage and later stage science and technology businesses in the financial year 2017/18. Seed finance provides equity investments from £50,000 to £150,000 to Welsh technology businesses keen to commercialise - start-ups, university spin-outs, and new companies. Loans and equity investment to Welsh technology businesses is available from £50,000 up to £5 million.