Fast-growing Bristol-based software developer and digital transformation specialist Amdaris is poised for further expansion, including potential acquisitions, after securing a £6m from investor BGF.
The firm, already one of the UK’s fastest-growing tech companies, employs more than 200 developers in Bristol and across its centres in Romania, Moldova and Dubai. 
It has averaged 40% annual revenue growth over the past three years to £7.2m.
Its team supply customers in sectors spanning real estate, recruitment, education, financial services and energy with a range of services including digital transformation, cloud migration and technology integration
Having grown organically under the leadership of co-founders Vlad Nanu and Andy Rogers, with BGF’s investment – secured with the help of a host of Bristol professional advisers – it now plans to embark on a period of higher growth.
This could include exploring strategic acquisition opportunities with the support of BGF’s financial backing and its growth and merger and acquisition experience in the IT software and services industry.
As part of the investment, Paul Brennan has been appointed as Amadris’ non-executive chairman. Paul has more than 20 years’ experience working with PE-backed businesses and has significant M&A experience following a corporate career that began at IBM. 
Alex Garfitt, an investor at BGF, will also join the Amdaris board. He said: “We are delighted to have completed this investment amid highly unusual lockdown circumstances. Amdaris is a fantastic company with a dedicated and highly talented team and we see significant opportunity for further growth.
“BGF has a wealth of experience and an excellent track record in the IT services and software sector. Vlad and Andy have demonstrated excellent leadership since we met the business in 2019 and the past couple of months have been no exception.
“We are excited to be working with the business and new NXC Paul Brennan to help the team realise its longer-term ambitions.”
Amdaris co-founder Andy Rogers, pictured above, said the investment marked the beginning of what the business was confident would be a new phase of growth.
“The Amdaris team has huge ambition and potential to scale-up, having firmly established a quality business and an increasingly recognised brand,” he said.
Fellow co-founder Vlad Nanu, pictured right, added: “We can think of no better investor to embark on the next stage of the journey with. BGF’s experience of working with like-minded technology entrepreneurs and helping them to navigate through periods of high growth, coupled with their minority and non-controlling approach is a great fit for the business.”
The deal was led for BGF by Alex Garfitt, James Skade and Elliot Vickerstaff.
Simon Jones, James Taylor and Hannah Stevens of law firm Osborne Clarke’s Bristol office advised BGF, while tax advice came from Karen Kirkwood, Edd Murphy and Helena Dowell at accountancy group EY’s Bristol office.
Amdaris was advised on legal aspects of the deal by Nina Searle and Andrew Webber of Bristol-headquartered national law firm TLT.
BGF has recently announced the exits of web hosting company Miss Group, following a highly successful buy and build strategy, and Vsyiion Group, an IT services company. During BGF’s investment tenure, these companies generated a 340% and 100% increase in earnings respectively.
BGF is a long-time client of Osborne Clarke and the team has previously advised on many of its investments, including those in Equilaw and Thomas Legal, Amazon Filters and Roc Technologies. In addition, Osborne Clarke recently advised Dragons’ Den star Peter Jones on his collaboration with BGF.
