Grant Thornton: UK SaaS businesses hot property for overseas buyers
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Following Grant Thornton UK’s Scotland corporate finance team’s recent success in advising on the sale of Artificial Lift Performance Limited (ALP), a provider of advanced analytics solutions for enhancing oil and gas production performance, to NASDAQ-listed ChampionX, the firm continues to see strong interest in UK SaaS businesses from overseas buyers, particularly those from North America.
Based in Edinburgh, ALP has developed a production optimisation software platform for the energy sector. It was acquired by Texas-based oilfield services company ChampionX, which employs over 7,300 employees across 60+ countries for an undisclosed sum.
The Grant Thornton team, led by partner Neil McInnes, said: “ALP was able to attract so much interest, particularly from those in the US, due to its international customer base and industry leading technology platform.
“ALP is not an outlier in the UK market. We boast an impressive tech ecosystem in Scotland and across the whole of the UK. As a result, there are many UK SaaS businesses that are delivering market leading solutions to a global customer base and achieving significant growth in their revenue streams as a result.
“These features are appealing to even the largest of listed US buyers, like ChampionX.”
The deal followed on from the success of 2023, which saw the Scottish corporate finance team advise on 17 deals with a cumulative value of £363 million. This includes four deals with cross-border involvement and 11 deals involving private equity.
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