Business Growth Fund PLC exited its minority investment in Petrotechnics Ltd. following the latter's acquisition by Sphera Solutions Inc.
BGF invested £6 million in the software solutions company in 2013 to support the development of a software platform for hazardous industries, according to a Jan. 9 news release. Petrotechnics also used the funding for geographical expansion.
The management team supported by BGF, including Phil Murray, Iain Mackay and Alec Harcus, and BGF's Mike Sibson and Richard Pugh will step down from the Petrotechnics board following completion of its acquisition by Sphera Solutions.
Petrotechnics is an Aberdeen, U.K.-based company that provides software solutions for hazardous industries.