Bglobal to sell remaining business for £16m

Troubled Bglobal, pieces of which were variously sold off and shut down following a boardroom revolt last year, is to sell its software division for £16.1m.

Now Utiligroup, the software division and last remaining piece of the company, is to be sold to private equity firm NorthEdge Capital.

Following a strategic review, Matthew Hirst, Utiligroup CEO, and Andrew Green, COO, are leading the management buyout of the business. The investment from NorthEdge will facilitate the acceleration of new software development work and allow the business tocapitalise on opportunities in the market, continuing to provide the highest quality support to customers.

Matthew Hirst said: “Utiligroup has experienced strong growth and we have established ourselves as a market leading player in helping energy and utility companies to operate more efficient processes through a combination of automated software and managed services. “NorthEdge’s support and experience will be invaluable as we embark on our next phase of growth and will enable us to accelerate the new developments that will be required by our customers. We are delighted to beworking with such a dedicated team.”