Manchester software firm SRO Solutions targets international growth following MBO

Software business SRO Solutions and sister firm DXSTRO LLP have set their sights on international growth after undergoing a management buyout (MBO).

The Manchester-based enterprise’s management team now includes operations manager Andrew Carrie and technical manager Bill Wallace, both of whom have joined Tony Lackey as stakeholders in the company.

Following the deal, Tony has become SRO’s managing director and Steve Driver its non-executive director with a focus on business development.

The MBO was guided by North West law firm Bermans and funded by NatWest for an undisclosed sum.

Director Tony commented: “Our aim now is to continue this growth particularly internationally. In 2017 we’re opening an office in Atlanta to support our local partners in the US.

“Currently 25% of our revenue comes from America and we are looking to drive growth there as it’s a key market for us. We are also potentially looking at Australia or Singapore for our next office so that we can expand into the Asian market.”

He continued: “We are looking at developing more asset management and data technology software and to do this we need to invest in people. We have already taken on six new staff in 2016 taking the total to 30 and this figure will continue to increase next year.

“We’ve had great support from local advisors including Bermans, NatWest and UHY who were our corporate finance and tax advisors. All were great to deal with and offered invaluable advice and support throughout the process.”

Bermans’ Manchester-based corporate partner, Jon Davage, advised SRO with a legal team that included colleagues Robin Hastings and Neil Mumford.

Commenting on the deal, Jon said: “SRO is a fast-growing business. Tony is very experienced and has a great vision for the business and by maintaining Steve as a non-executive director and mentor the business has a clear and bright future.”

SRO Solutions sells and implements its IBM Maximo enterprise asset management software, while sister business DXSTRO develops software tools for data replication, migration and integration.

Founded in 2006 by Steve Driver and Tony Lackey, SRO’s global customer base chiefly comprises mid-sized to large corporations across sectors such as utilities, oil and gas, nuclear and facilities management.

In addition to its Manchester base, the company has an office in Leeds.

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