THERE has been a management buyout at Worcester software specialists Open International.

The management team of the firm in Buckholt Drive, Warndon, which is the parent company of Open GI and PowerPlace, has acquired the company from its private shareholders with the backing of Montagu Private Equity, one of Europe’s longest established private equity firms. The move, which comes almost 18 months after Open GI’s acquisition of PowerPlace, will speed up expansion plans for the two local businesses.

Chris Guillaume, chief executive of Open International, said: “We have continued to build on our strong position in the market over the past few years and we are excited to be driving the group’s next phase of growth, notably in the commercial insurance market where PowerPlace is at the forefront of the move to standardise and transact products online. We are delighted to be working again with Montagu. With their extensive knowledge of the business and experience backing the growth of other software and technology businesses, they are the ideal partners to support us as the business expands to take advantage of the changing market dynamics.”

Edward Shuckburgh, director of Montagu Private Equity, added: "We are impressed by Open International’s continued product innovation and its consistent growth and profitability, and it is a business that we know well, having invested previously in 2006. We look forward to working with Chris Guillaume and his team and supporting them in their strategy to continue the growth and development of this market leading business.”

Open GI, the UK and Ireland’s leading supplier of business-critical software and services to the general insurance market, and PowerPlace, an online marketplace which streamlines commercial broking, joined forces at the beginning of 2013. The transaction will complete following approval by the Financial Conduct Authority.