Sentio Partners has advised the shareholders of Software Box Limited (“SBL”) on the sale of the business to technology entrepreneur Phil Doye. Under the terms of the deal Glebe Holdings Limited, an acquisition vehicle controlled by Phil Doye, will also provide additional follow-on funding to enable growth, both organically and through acquisition.
Phil Doye previously founded Kelway, one of the UK’s largest IT Solutions and Services business. As CEO of Kelway he led the company’s operations for 25 years, enjoying significant growth in that time. They appeared frequently on the Sunday Times Fast Track League Tables of Britain’s fastest growth private companies. In August 2015 Kelway was acquired by US Fortune 250 technology giant CDW.
Phil Doye commented “SBL has built an impressive set of customers on the foundations of long-term relationships, strong technical skills and a reputation for integrity. It is well-placed to exploit the increasing demand for expertise from providers that can manage the complexity of today’s IT environments with a focus around cloud and security services. With strong consultancy skills and a comprehensive suite of technical services, SBL is ideally positioned for growth.”
Dennis Hoban, SBL’s CEO and majority shareholder approached Phil as someone who would provide the ambition and expertise needed to lead the company through the next stage of its growth. As part of the deal Dennis and Bryn Roberts, FD, will leave the company and the senior management team of Paul Jenkins, Scott Cattaneo and Tracie Barrow have been appointed as directors of SBL.
Phil Doye, who will become CEO, added “After I spent time with the management team and learned about the business, it was clear that SBL have a great set of solutions and services to assist customers in their next phase of IT transformation. I am delighted to have completed the deal and look forward to working with the team as we begin an exciting new chapter in SB L’s journey”
Andy Miller and John O’Gara from Sentio Partners advised Dennis and Bryn in relation to the change of ownership, with Ian Roberts and Kelly Clarke from TLT solicitors in Manchester providing legal advice to the selling shareholders. Reed Smith advised Phil Doye on legal matters.