Purepoint acquired by Ascent

Horizon backed Ascent Software completes first add on acquisition acquiring London based IoT development specialist Purepoint

Horizon Capital the buy and build investor focussed on Technology and Business Service companies is pleased to announce that its portfolio company Ascent Software has acquired Purepoint, a London-based software development provider focussed on the IoT market.

Horizon invested in Ascent, a provider of custom software development enabling digital transformation, in November 2019 backing new CEO Stewart Smythe in a £30m transaction.

Established in 2003 and headquartered in Reading, Ascent today employs a team of over 300 staff developing software in two European centres and serving clients in the UK and Europe. The strategy is to grow the group organically and through complementary acquisitions.

The acquisition of Purepoint deepens Ascents expertise in the IoT market and brings new clients including Centrica Hive to the group. Purepoint CEO Alex James who founded the business in 2011 and has built it to over 25 people joins Ascent as group CTO.

Stewart Smythe said “Purepoint is a great acquisition for Ascent, bringing industry leading IoT capability and a very strong technical team. Alex James has built a really innovative business and it I am excited to welcome him as CTO of the Group going forward”

Simon Hitchcock, Non-Executive Director of Ascent and Horizon Managing Partner added “This is a very positive development for Ascent coming so quickly after the initial transaction. Purepoint is a highly regarded business with highly sought-after skills in a particularly fast-growing segment of the overall market. Horizon were delighted to support management in this acquisition, and we look forward to working with the Ascent team to grow the business further both organically and via acquisition.”

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