News & Insights

FSP advises BGF on Invenio Merger with LSI Consulting

Penelope Garden (Partner, Corporate) and Alex Illingworth (Legal Director, Banking) have advised BGF on its £12,000,000 further investment into portfolio company, Invenio Business Solutions, to fund a merger with LSI Consulting. The acquisition will deliver significant benefits to existing customers of Invenio and drive growth globally. FSP previously advised BGF when Invenio secured investment from BGF in 2019.

Invenio is a global provider of SAP enterprise solutions and consultancy for the public sector focused on tax and revenue management and for the private sector focused on media and entertainment, manufacturing and pharmaceutical domains. US-based LSI Consulting is a leading provider of SAP enterprise solutions to government, utility, healthcare and educational institutions.

The merger brings together two well-established, high growth SAP implementation and consultancy partners with compatible SAP-based solutions for the public and private sectors. Invenio has a strong presence in Europe, the Middle East and Asia Pacific, while LSI has a strong position in the United States and Canada. Both companies are of similar size, with proforma revenues for year ending 31st March 2021 expected to be north of $100 million.

The newly merged organisation will act as the premier global SAP partner for public services. Customers will benefit from end-to-end business solution and service portfolios to help them maximise the value of their digital transformation and reach success faster in the public sector. Invenio already has a significant presence in the media, manufacturing, logistics and pharma industries and will now accelerate growth in North America.

Alex Snodgrass, investor at BGF, said: “Invenio is a fantastic, fast-growing business which has created a market-leading position. The merger with LSI, which has been supported by an additional £12 million in follow-on funding from BGF, is an exciting step for both businesses, and represents the next step in their exciting expansion plans. We look forward to working with the team at LSI and to continue supporting the newly merged organisation as it moves to its next phase of growth.”

Invenio and LSI’s customers include some of the largest global public enterprises, as well as the world’s top media, manufacturing, and pharmaceutical brands. The combined entity boasts 1,000+ employees with offices across four continents.

The expanded capabilities of the new organisation, which has SAP, Amazon Web Services, Microsoft Azure and Google Cloud Platform accreditations.