- The combined business will trade under the name NoBlue2
- NoBlue2 is the fifth investment from FPE Fund III
- FPE is a private equity investor based in London
FPE Capital has led a buyout of NoBlue and Elevate2, two UK Oracle NetSuite partners.
No financial details of the transaction were disclosed.
NoBlue and Elevate2 are based in Nottingham and London, respectively.
The combined business will trade under the name NoBlue2.
NoBlue2 is the fifth investment from FPE Fund III.
Ian Irwin, founder of NoBlue, will become CEO of the group, amd Alex Lester, founder of Elevate2, will become COO.
Glenn Timms will be appointed as non-executive chair of the group as part of this deal.
“We consider the opportunity for ERP and related applications to be significant and growing and could quickly see the value that Ian and Alex had built in their respective businesses, and the power of the combination,” said Dan Walker, partner at FPE.
FPE is a private equity investor focused on the software and services sectors and invests in lower mid-market UK and Ireland headquartered software and services companies. It is based in London.