Transaction overview
We are delighted to announce the successful completion of our transaction, advising Beekman Associates, the US and UK-based leading global consultancy, on the sale of the company and its data-driven, software marketing procurement platform RightSpend, to LDC, the leading UK-based mid-market private equity investor with a focus on tech, media and telecoms companies.
The deal will enable the management team to drive organic growth, further develop its software-as-a-service (SaaS) offering and continue to expand into new international markets. LDC Director David Andrews and Investment Manager Dan Gluckman will both join the board. The deal will also see TMT expert former CEO at EMAP and Informa, and ex-Procurement Leaders Chairman, David Gilbertson, join as Chairman and former COO of the NEC Group, John Hornby, join as Non-Executive Director. This creates a powerful board to drive expansion.
About RightSpend
RightSpend is a flexible web-based SaaS system which allows global brands to assess and benchmark marketing activity in real-time, ultimately helping them determine the optimal marketing spend and associated ROI across agency relationships. The platform provides unrivalled data and analytics across 75 different international markets and has an impressive client roster of some of the world’s leading brands. RightSpend currently assesses more than £8 billion of marketing spend each year and saves customers on average between 10 and 20 per cent of their marketing budget.
About LDC
LDC is the private equity arm of Lloyds Banking Group and is authorised and regulated by the Financial Conduct Authority. LDC has committed to invest £1.2bn in UK mid-market businesses over the next three years. It has a portfolio of 90 businesses across the UK, across a broad range of sectors including TMT, Financial Services, Healthcare, Construction & Property, Industrials, Retail & Consumer, Travel & Leisure and Support Services. The private equity firm has invested more than £1 billion to date in technology, media and telecoms companies.
Ciesco’s role
Ciesco represented the shareholders of Beekman Associates/ RightSpend in this transaction and managed the sale process from start to finish. Amid strong buyer interest, LDC was chosen as lead bidder given the cultural and strategic fit between the teams, and LDC’s solid market reputation and heritage of supporting fast-growing technology and media businesses.
Client testimonials
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"The Ciesco team have been an invaluable partner. Their knowledge of and relationships within the sector and transactional expertise in managing the process was instrumental in delivering us a great partner in LDC. We have developed a unique market-leading software tool to help companies better manage their marketing agency relationships and deliver material cost savings and transparency around spend. Whilst we have grown significantly in recent years, there is a real opportunity for us to scale quickly, drive our technology development at a faster pace, and expand into new geographies."
"This transaction further highlights the very strong appetite in the sector for businesses that leverage the use of data and technology. Ciesco has strong expertise in the sector and has relationships with both Strategic Buyers and Private Equity Investors looking to invest in this space. The RightSpend transaction follows the recent deal announced in this space by Ciesco, the sale of Data Analytics Consultancy Mavens of London to Kantar, one of the leading Data, Insights and Consultancy Companies backed by Bain Capital Private Equity."
"The impressive client base and track record that Iain and his team have developed speaks for itself. The business model and proprietary technology, coupled with a highly scalable proposition, means the business is well-placed to expand and build on its success to date. We look forward to partnering with the business in the next stage of its growth journey."