UK private equity house Tenzing has sold its stake in education safeguarding software provider Smoothwall to Australia-based cyber-security provider Family Zone.

The terms of the transaction were not disclosed – however, Smoothwall noted that it would generate a return of 5.6-times invested capital and a 56% internal rate of return (IRR).

Raymond James and Osborne Clark advised Tenzing on its exit from Smoothwall.

Guy Gillon, co-founder and managing partner of Tenzing, commented: “We’re super proud to have completed our second exit and honoured to have played a part in Smoothwall’s growth. Working with Georg and the management team has been a true partnership, and we’re delighted to have achieved our shared vision of Smoothwall’s potential.

“We part ways with the company positioned to win in a large and growing market and look forward to the significant benefits Smoothwall will make to future generations and our wider society – it’s a true, mission-led organisation.”  

Georg Ell, chief executive of Smoothwall, said: “We’ve hugely benefited from the injection of investment, energy and expertise from Tenzing over the last four years; there has always been a real sense of backing us as a team. Their support has enabled us to expand the solutions we offer to our clients, and it makes me incredibly proud that, under Tenzing’s ownership, Smoothwall has grown to protect more than six million children. The management team and I are looking forward to continuing on the journey with the support of Family Zone.”  

Tim Levy, managing director of Family Zone, commented: “We’re delighted to be partnering with Smoothwall. Our organisations share core values around keeping children safe, and our complementary platforms and culture create a unique and remarkable opportunity for synergies and growth on a global stage”.

Date published: 10 August 2021

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