Aureos Capital has sold its 13 percent stake in Sri Lankan software company MilleniumIT to the London Stock Exchange Group in a deal that valued the whole company at $30 million.
Over the course of the investment – originally made in 1996 – Aureos invested a little more than $1.1 million in the business.
The investment was part of a legacy portfolio – formerly invested and managed by British development organisation CDC Group – that was subsequently taken over by Aureos in 2001.
MillenniumIT provides software products to exchanges, depositories, brokerages and regulatory bodies in the US, Europe, Africa and the Asia-Pacific region. It was originally carved out from IT business ComputerLand Sri Lanka in 1996. The deal was led by Sev Vettivetpillai – then an investment executive at CDC – who is now chief executive of Aureos.
“The backing of the London Stock Exchange will help MillenniumIT extend its global franchise and build on its strong track record,” said Vettivetpillai in a statement, adding that the deal would help raise the profile of the Sri Lankan software amongst global investors.
Aureos was formed in 2001 as a joint venture between CDC and Norfund, the Norwegian investment fund for developing countries.
Of the 137 legacy portfolio companies taken on by Aureos, 133 have now been exited.
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