Turnkey IPS, the leading provider of software solutions to the insolvency industry in the UK, has received a significant investment from private equity firm Bowmark Capital to drive further growth at the Glasgow-based company.
Established by Dr Barry Wood in 1980, Turnkey has grown to become the market leader for corporate restructuring and Insolvency Practitioner Software (IPS), providing solutions to more than 300 clients, from sole practitioners to international accounting firms, across 10 locations worldwide.
The business is growing recurring revenues at more than 20% per annum, driven by client demand for greater efficiency, the accelerating adoption of digital technology, and legislative compliance. In addition to its operation in the UK it has an Australian division, Turnkey PTY Ltd.
London-based mid-market private equity house Bowmark has a long track record of investment in market-leading, sector-specialist Software as a Service (SaaS) businesses.
Its partnership with Turnkey will help the company continue its strong track record of growth, through further investment in people, technology, and product development, as well as facilitating international expansion.
As part of the transaction, Deborah Baxter, currently Chief Operating Officer, will become Chief Executive, while Tony Wood will transition to a non-executive role. In addition, Peter Little will join Turnkey’s board as non-executive Chairman, bringing extensive experience of growing financial services software companies.
Turnkey was advised by North of England-based RG Corporate Finance (RGCF), led by CF Partner, Nick Johnson, CF Director, Alex Simpson, and CF Executive, Max Woodhouse. Transactional tax advice was provided by RG Tax, led by Corporate Tax Partner Simon Whiteside and Director of Taxation Services Simon Hopwood.
Legal advice to Turnkey was provided by MacDonald Henderson, led by Managing Director David Beveridge and Corporate Solicitor Laura McKnight.
Deborah Baxter, Chief Executive of Turnkey, said: “The insolvency sector is evolving. With rising workloads and growing demands for efficiency, insolvency practitioners must adapt to the digital age to stay competitive. We are thrilled to partner with Bowmark as we continue to expand, innovate and develop our product suite to meet the evolving needs of our clients. I am delighted to be following in the footsteps of Tony to lead this next chapter with the support of the Bowmark team and my talented colleagues within Turnkey.”
Tony Wood, outgoing Turnkey Chief Executive and a key shareholder, said: “We are delighted to be partnering with Bowmark Capital as we look to accelerate growth in Turnkey and further evolve our IPS Cloud platform in the UK, Australia and internationally. We are immensely proud of the products and services we have developed over the last 44 years and the incredible support we have had from our long-standing client base. This is an exciting time for the team at Turnkey as we look to transform further and leverage the skills and expertise within the Bowmark network.”
Tom Elliott, Bowmark Partner, said: “Having known Turnkey for some time, we have seen the business go from strength to strength, growing to become the go-to-provider of solutions to the insolvency sector. We are delighted to partner with the Wood family and the management team to support Turnkey to deliver its next phase of growth.”
Nick Johnson, CF Partner at RGCF, said: “We are proud to have advised the shareholders of Turnkey on what is a highly significant transaction in the SaaS technology sector. The deal emphasises the exciting opportunities to internationalise software solutions originating in the UK and will help the business look forward with confidence to the next stage of its growth ambitions. This partnership with Bowmark will support Turnkey’s expansion into new territories, while supporting further technology and service developments.”