Impero, an educational technology (edtech) business, has been sold to Bahrain-based buyout firm Investcorp Technology Partners for £27.5m.
Connection Capital, the private client investment firm which sold the business, has more tripled its value since backing Impero's £9m management buyout in 2014.
Impero's software is used by teachers in the classroom to assist with learning, by school IT managers to help run networks efficiently, and to help protect students online.
“When we invested in Impero three years ago, it was an opportunity for our clients to back the continued development of best-in- breed education software which addressed huge market potential,” said Connection partner Bernard Dale.
“Today, in an increasingly crowded marketplace, the business is performing extremely well, with a strong roadmap of product enhancements and a pipeline of new contract opportunities in the US and globally, as well as a market-leading presence in the UK.”
The Nottingham-headquartered business supplies more than 1,400 UK secondary schools, and other schools in more than 500 US districts. It has revenues of around $10m.
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Connection Capital, which has also invested in Virgin Wines and Wagamama, allows private investors access to private equity-type investments.
The investors can choose whether to commit to one of Connection's opportunities, in £25,000 tranches.
The firm currently has around £180m of funds under management, while Investcorp Technology is investing its fourth technology-focused fund.