Bowstring-Axon Relationship Concludes With Sale to HCL
January 7, 2009 |
Bowstring Advisors (“Bowstring”) served as a strategic advisor to Axon Group Plc from July 2006 until its recent sale to HCL Technologies (“HCL”) for £440 million.
Axon, a leading global SAP consulting firm based in London, engaged Bowstring in 2006 to build its North American business through acquisition. With assistance from Bowstring, Axon acquired Premier HR, Zytalis, Entersys and SCM Solutions. These acquisitions, coupled with strong organic growth, gave Axon an approximately $200 million presence in the U.S.
Bowstring also advised Axon in its sale to HCL for £440 million. The transaction closed on December 15. The combined HCL-Axon is a $2.5 billion global player in IT services and is a prime example of the evolving business model in professional services.
Steve Cardell, CEO of Axon, commented, “Bowstring was an ideal partner for us because they blend excellent finance skills with very deep sector expertise and relationships.” Jim Childs, Managing Partner at Bowstring commented, “We strive to be long-term strategic partners with our clients to help them create value. The Axon management team did an excellent job in executing their stated strategy and we are proud to have been a small part of that success.”
Bowstring was an ideal partner for us because they blend excellent finance skills with very deep sector expertise and relationships.