Bridgepoint spells out a £49m deal for dictation firm BigHand
BRIDGEPOINT, the private equity house behind a series of high street names, has bought a dictation technology firm from Lloyds Development Capital in a £49m deal.
Its Bridgepoint Development Capital arm has taken a majority stake in BigHand, which works with more than 150,000 professionals such as lawyers, doctors and accountants.
As part of the deal BigHand’s management will control a minority share and Lloyds Development Capital will hold onto a small stake.
Yesterday both buyout houses refused to reveal the value of their existing stakes.
Bridgepoint Development Capital partner Alan Payne said: “Voice productivity software can yield very significant efficiency gains and cost savings to its users. BigHand is highly rated for its product capability and quality of service and is now recognised as a market leader.”
Bridgepoint, whose advisers include former Marks & Spencer boss Sir Stuart Rose, also controls Pret A Manger and clothes chain Fat Face. Earlier this year it signed a deal to buy Quilter, the wealth management business owned by Morgan Stanley Smith Barney, for an undisclosed sum thought to be more than £170m.