Private equity firm Bridgepoint poised to acquire Eckoh in take-private deal
Private equity group Bridgepoint is set to acquire Hertfordshire-based data security firm Eckoh in a £161.8 million take-private deal.
The AIM-listed group said an all-cash deal had been agreed at 54p per Eckoh share - an 11% premium to the closing price before the deal was announced or a 35% premium above the six-month average.
Private equity group Bridgepoint has created a vehicle, Eagle UK Bidco Limited, to complete the deal.
Eckoh solutions are now used by over 200 enterprise clients, mainly based in the US and the UK. The firm employs 190 people across its Hemel Hempstead head office and bases in Ealing and Omaha in the US.
The acquisition is expected to complete during the first quarter of 2025, subject to shareholder approval.
Alan Payne, partner and deputy head of Bridgepoint Development Capital, said: "This offer represents a strong premium and allows Eckoh shareholders to realise attractive value.
"Eckoh is an international leader in a niche software sector and at the cutting edge of customer engagement technology, and we are real admirers of the platform.
“There is a growing need for businesses to establish secure customer payment solutions as new contact channels, payment methods and compliance regulations emerge and customer requirements evolve.
“Eckoh is driven by a mission to make the world more secure, and we are excited to work alongside Eckoh’s management team to accelerate development into a scaled, global leader, further strengthening the capability and offering for customers.”
Nik Philpot, CEO of Eckoh, added: "Over the past decade Eckoh has established itself as a global leader in customer engagement data security.
“Our team has been making excellent progress where we see the biggest opportunity for growth, with momentum building in North America, but we need to accelerate investment in our product roadmap and our go-to-market strategy to drive forward important initiatives and to capitalise on the opportunity."
