FPE Capital LLP sold Kallidus a human capital management and online learning software-as-a-service provider, to Apse Capital Ltd.

The transaction is expected to deliver a 31% internal rate of return to funds managed by FPE, a private equity firm supporting technology-enabled small and medium-sized business headquartered in the U.K.

Houlihan Lokey was financial adviser to Kallidus, while Charles Russell Speechlys LLP was its legal adviser, and RSM and CIL were its financial due diligence and commercial adviser, respectively. Capital Law and Momentum Corporate Finance provided advice to the management team.