BigHand's founder exit via an MBO
And the consolidation continues with digital dictation systems market leader BigHand the latest to see changes at the top. With effect from yesterday (Monday 24th) the company's founders – Stephen Thompson and Gordon McAlpine – have sold their shareholding to a management buyout team, backed by LDC, the private equity division of the Lloyds TSB Group, which invested an undisclosed amount for a 'significant stake' in BigHand.
The BigHand management board following the MBO comprises: Stephen Edwards – chairman, David Fryer – chief executive officer, Simon Lewis – development director, Steve Butterworth – sales director, and Jonathan Carter – client solutions director. Kevan Leggett, who led the deal on behalf of LDC, joins as a non-executive director and will work closely with management to implement BigHand’s growth strategy.
Commenting on the deal. Leggett said: “BigHand has successfully capitalised on the legal sector’s adoption of digital dictation and has forged a market leading position based on the quality of its product and services. There is huge potential for the business to continue growing by targeting other professional sectors and by establishing themselves in international markets.”
Stephen Thompson, the outgoing managing director, added: “Having started the business in the hallway of my London flat with £19,000 of capital, and after 10 successive years of growth, Gordon and I have decided to step away from BigHand to allow others to take the company to the next level.”
So, another one bites the dust – who will be next? Keep reading this blog to find out.