Selima, the Sheffield-based payroll, personnel and expenses software and services specialist, has been sold to a management buy-in team, in a £2 million deal, backed by YFM Equity Partners.
The Sheffield Business Park company, which includes Bristol City Council, Young’s Brewery and Greater Manchester Police among its customers, has been acquired by Wayne Blakemore, Michael Parry, Richard Beaton and Jane Mercer, who have worked together in other businesses and have a track record for growing IT software companies.
Former managing director Mark Kinnell will retain a minority stake in the company.
New managing director, Wayne Blakemore, said: “Selima offers cost-effective payroll and expenses solutions to a wide range of public and private sector organisations such as local authorities, hospitals, manufacturers and schools throughout the UK.
“We have been very impressed with the product quality, the good feedback from customers and the commitment of the staff.
“We look forward to working with YFM Equity Partners as we grow the business at a time when organisations need more efficient and effective solutions to manage back-office functions.”
YFM Equity Partners’ Ian Waterfield said: “Selima has a fantastic reputation and is well established. We know the new management team well, having backed Richard Beaton and Jane Mercer twice before.
“We believe there is enormous potential for the business to expand into existing and new markets and we look forward to using both our experience and network to help the management team achieve this ambition.”
James Bullock, corporate partner at the Sheffield office of Irwin Mitchell, provided legal advice to YFM Equity Partners.
He said: “This deal will provide a springboard for growth at Selima as it represents not only a fresh injection of investment, but also a great deal of market knowledge and expertise.”