Foresight makes 15.7x return on sale of Scottish tech pioneer Codeplay

Chris Wardle (Director of Foresight Group)

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FORESIGHT Group (“Foresight”), the leading listed infrastructure and regional private equity investment manager, is pleased to announce the sale, subject to regulatory approval, of portfolio company Codeplay Software Limited (“Codeplay”) to a US corporate buyer on 31 May 2022.  

Codeplay is one of the UK’s leading providers of solutions for the semiconductor industry, accelerating the performance of computer chips that run Artificial Intelligence (“AI”) and other high-performance software.  

The transaction will generate approximate gross proceeds of £48 million ($60 million USD) to funds managed by Foresight Group, implying a 15.7x multiple on capital invested and an IRR of nearly 100% per annum.  

Since Foresight funds invested in 2018, Codeplay has continued to develop a suite of high-performance software assets and is positioned at the centre of an increasingly important ecosystem that improves the performance of chips, used in both high performance and low-power environments; from supercomputers to self-driving cars. It has also developed its routes to market, selling its solutions to chip companies and downstream users, for example, to manufacturers of diagnostic healthcare equipment.  

Foresight’s proactive approach to supporting the exceptional senior management team, over the four-year investment period, enabled strategic development and introduced key hires.   

Chris Wardle, Director at Foresight Group, commented: “It has been an amazing journey to support and work with the Codeplay team over the past four years. It is a company at the forefront of UK technology innovation and with Foresight’s help, has become a key player in an ecosystem that will improve the performance and reduce the energy consumption of millions of computer chips, using open standards technologies.” 

“Since investment, Codeplay has developed better and more diverse technology solutions, expanded into new markets and now delivered this fantastic exit – a testament to the team. We wish them every success in the future.”  

Advisers to the transaction:  

Lead Advisor – Acuity Advisors  

Legal – Goodwin Procter and MBM Commercial  


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