'Booming' CAD market prompts ownership switch at CRN Top VAR
UK's largest SOLIDWORKS reseller, £50m-revenue Solid Solutions, snapped up by LDC
LDC has grabbed a minority stake in Solid Solutions, the UK's largest reseller of SOLIDWORKS - citing the booming CAD market as motivation for the deal.
The Leamington Spa-based reseller ranked 77th in CRN Top VARs 2019, with revenues in its latest fiscal year topping £50m.
Boasting 15,000 customers including Stannah Stairlifts, Solid Solutions claims to be the "leading" reseller of SOLIDWORKS in the UK and Ireland, the 3D CAD package that is owned by Dassault Systems and used by more than five million people worldwide.
Existing backer BGF will exit its minority stake as part of the deal, which Solid Solutions said would enable it to accelerate its growth.
LDC director Rob Schofield hailed Solid Solutions as a "Midlands success story".
"The computer-aided software sector has boomed in recent years and this growth looks set to continue," he added.
Since bagging £8m in investment from BGF in 2016, Solid Solutions has made a hat-trick of acquisitions, namely Cadtek Systems, New Technology CADCAM, and Solid Solutions Innovations.
The "next stage" of its "ambitious growth strategy" will comprise organic and acquisitive growth, it said.
"LDC is the perfect partner to help us on the next stage of our journey," said Solid Solutions CEO Alan Sampson.
"Their investment allows us to accelerate the growth plans for the business by increasing our scale, capacity and capability, enabling customers to benefit from an even wider product and service offering."