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Lexington advises DevOpsGroup on its sale to Sourced, an Amdocs company


Dec 16, 2021

Lexington Corporate Finance (“Lexington”) advised DevOpsGroup on its sale to Sourced, an Amdocs company, and demonstrates its continued position as the preeminent advisor in Wales for tech enabled and tech services businesses. It is also another transaction to a listed business and a further cross border deal following the sales of Trekitt to Frilufts (Fenix Outdoor) and InSite Technical Services to Vulcain Ingénierie earlier this year.

Lexington was engaged as the Group’s corporate finance advisor, managing negotiations during the process on behalf of the vendors and leading the commercial negotiations in all aspects of the deal. The team of Tom Coombes, Thomas Edwards and John Tose worked on the deal for Lexington.

DevOpsGroup, founded in 2013 by chief executive James Smith and chief technology officer (CTO) Steve Thair, is focused on advising enterprise customers on adopting modern software development models and shifting to cloud-based environments. It acts as both an AWS Advanced Consulting Partner and Microsoft Azure Gold Partner. In 2018, the business received investment from BGF to fuel the acceleration of its consultancy services and build on its strong sales momentum.

James Smith, chief executive at DevOpsGroup, said: “Lexington were an excellent corporate finance partner. They took time to understand what support and guidance we needed, and provided invaluable advice throughout the process. The team were professional and easy to work with, always available when needed and the clear and frequent communication throughout, delivered an extremely successful outcome for DevOpsGroup.”

Tom Coombes, Director, said: “James and Steve, with the support of BGF, have built an exceptional business in the national cloud consultancy market as well as continuing to demonstrate this capability in South Wales.

This transaction has culminated the many years of dedication that they have given to the business and region, and we were privileged to be involved with them on this journey as part of their advisor team. We are really looking forward to seeing how the business will continue to develop in the next part of its growth journey and wish James, Steve and the rest of the DevOpsGroup team all the very best as part of the Sourced team.”

The shareholders were advised by Capital Law (Legal advisor), Parisi Tax (Tax advisor) and MSF (Legal advisor).

Lexington were an excellent corporate finance partner. They took time to understand what support and guidance we needed, and provided invaluable advice throughout the process. The team were professional and easy to work with, always available when needed and the clear and frequent communication throughout, delivered an extremely successful outcome for DevOpsGroup.

James Smith, chief executive at DevOpsGroup