CASE STUDY: APPDNA - Foresight Group

CASE STUDY: APPDNA
CASE STUDY:
APPDNA
Total originally invested: £771,000
Type: Growth Capital
Date completed: 2010
Sector: IT Services and Technology
Website: www.citrix.com/appdna

“The AppDNA team has done an incredible
job in taking the company from its spinout
from Camwood and developing it into
the global leader in its field. AppDNA is
typical of the growth capital investments
Foresight makes in UK SMEs; an exceptional
management team, profitable, high growth,
a large global market and a sustainable
competitive advantage.”
Russell Healey, Partner
Foresight
CASE STUDY:
APPDNA
COMPANY BACKGROUND:
AppDNA was spun out of Foresight portfolio company Camwood in
2010. It rapidly became the leading specialist in Application Migration
and Compatibility Software including AppDNA and AppTitude
which it distributes to blue chip companies around the world. The
software enabled enterprise customers and system integrators to
automate the testing of application compatibility for operating
system upgrades or for virtualisation.
AppDNA grew from strength to strength, opening offices in USA,
France, Germany and Australia and saw an increase in staff numbers
from 7 in 2007 to over 80 in 2011.
FORESIGHT INVESTMENT:
Foresight invested £771,000 in the company, on behalf of the Foresight
VCT and The Income & Growth VCT.
EXIT:
AppDNA was acquired by Citrix Systems for $92m in October 2011,
returning £25m in aggregate to the two funds, representing a return
of 32x the original investment.