Investors snap up UK cloud player Rivo for reported £20m

Warwick-based cloud provider eyes global expansion following private equity buyout

Cloud analytics software firm Rivo has been snapped up by investors for a reported £20m in order to grow the company's global footprint.

Tech investors Kennet Partners and Fidelity Growth Partners Europe claim to have "significantly" invested in the firm and the Financial Times reported the deal's worth to be in the region of £20m.

The Warwick-based firm provides environmental, health and safety and loss-prevention software to businesses via the cloud and was founded eight years ago.

Rivo claims its wares are used in 82 countries worldwide by more than 140,000 people, with clients including Thames Water, Siemens and Crossrail. Angel investor Steve Husk of Kennet Partners will join the firm as its executive chairman.

Rivo's managing director Ken Baxter claims the move will help extend its service further around the world and Carl Houghton, a partner at Clearwater Corporate Finance – who advised the deal – said its enterprise customers, international footprint and clear ROI potential makes it very appealing to investors.

Rivo's cloud services are sold as a hosted service but its financial model involves users paying an up-front licence fee, according to analyst TechMarketView's managing partner Anthony Miller, who said it was a "very sensible" business model.