UK software group CMap is expected to come to market for an upcoming sale by its private equity (PE) owner NorthEdge in 2024, according to four sources familiar with the situation.
The company, which provides cloud-based project management software to clients operating in professional services, architecture, engineering, healthcare, creative and consulting, generated GBP 8m (EUR 9.3m) in revenues and EBITDA of GBP 1.7m in its 2022 financial year, according to a Companies House filing.
Houlihan Lokey is among several parties positioning themselves for a sellside mandate, three sources said. NorthEdge has tended to mandate advisors based in the north of England, one source said.
In February, the Cheshire-based business acquired Atvero, a UK-based provider of document and email management software to architects, engineers & construction firms.
NorthEdge’s investment thesis since acquiring the company in 2019 has been to continue its UK growth in key sectors, supporting the development software product and drive further expansion in the UK market to meet the global demand for a SaaS project management platform, according to the sponsor’s website.
CMap has a score of 23 out of 100, according to Mergermarket's Likely to Exit (LTE) predictive algorithm.* This is weighted towards average hold times for the sector and the region.
The company, which employs around 150 people according to LinkedIn, is located in Manchester and Alderley Edge in the UK, and Orlando in the US.
NorthEdge and Houlihan Lokey declined to comment. CMap did not respond to requests for comments.
