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