BT offloads £80m legal software arm Tikit as sell-off continues
BT today said it has sold its legal software division Tikit as the telecom giant’s transformation plan picks up pace.
Tikit, which provides lawyers with software for time recording and case management, has been acquired by UK software firm Advanced.
Financial details were not disclosed, but the business is reportedly valued at £80m.
The sale is the latest transaction to be announced by BT, which is selling off fringe businesses as part of a wider transformation plan.
BT yesterday said it was in talks to sell its French business to Computacenter, while it last week agreed the sale of its operations and infrastructure in 16 Latin American countries.
Chief executive Philip Jansen has also announced a string of job cuts as the telecoms stalwart aims to reverse a sharp decline in its share price and focus its efforts on the rollout of full-fibre broadband.
“With BT’s renewed focus on investing in our core business, the time is right for a new owner to maximise Tikit’s full potential,” said Gerry McQuade, chief executive of BT’s Enterprise unit.
“Today’s announcement is the next exciting chapter for Tikit, which is poised for further growth as part of Advanced given its extensive industry expertise and scale across enterprise software.”
The deal marks the fifth acquisition in the last 12 months for Advanced, which is aiming to build on its position as a business software provider.
Tikit will grant the Berkshire-headquartered software company access to the UK’s top 200 law firms and expand its operations in North America, Australia and Europe, the Middle East and Africa.
“This acquisition will enhance our ability to provide innovative and specialist software solutions to meet clients’ needs — now and into the future,” said Gordon Wilson, chief executive of Advanced.
“Tikit has a strong and growing customer base and is highly complementary to us, so we are thrilled to add its technology and people to the growing Advanced family.”
Advanced is backed by private equity firms BC Partners and Vista Equity Partners.