A Warwick-based software business backed by specialist investor Mercia Technologies has been sold for more than £18m.
Allinea provides online tools for the development of high performance computing applications. It has been acquired by Cambridge-based ARM Ltd, a semiconductor intellectual property company.
Mercia’s exit of Allinea represents a return of about 21 times its original investment. The firm first backed the business in 2009 by supporting its management buyout from another University of Warwick spin-out.
Dr Mark Payton, chief executive of Mercia Technologies, said: “This planned divestment is a pleasing endorsement of Mercia’s Complete Capital Solution, showing how Mercia sources and invests in attractive investment opportunities at an early stage.
“The sale of Allinea to ARM is a testament to the value held within our investment portfolio and will enable Allinea to accelerate its development and reach within the growing high performance computing markets, as well as achieving greater exposure in adjacent segments such as machine learning.”