US firm swoops for Teesside tech firm Datum360 in undisclosed deal

Coreena Ford

25 June 2024 at 10:32 am·2-min read

BGF has invest mullions of pounds in Teesside's Datum360 — -Credit: (Image: unknown)

A US software giant has swooped for a Teesside tech firm in an undisclosed deal.

Stockton-based Datum360 - launched in 2009 to provide software to engineering firms - has been acquired by multinational firm Autodesk Inc. Datum360's platform connects a range of systems and is used by firms in sectors including energy, mining, utilities, road and rail sectors, helping customers with their decision-making.

$5bn turnover San Francisco-based Autodesk, meanwhile, has offices around the world providing software products and services to architecture, engineering, construction, manufacturing, media, education, and entertainment industries.

Steve Wilson, Datum360 CEO, said: “Datum360 and Autodesk are united by a shared mission to help our customers make their data a competitive advantage. By integrating our technologies, we’re not building a single source of truth, but a single source to go to and search for the truth.”

The takeover by the American firm provides an exit for investment group BGF, which put a multimillion-pound sum into the Fusion Hive based business in 2020, to aid its growth plans. Since BGF made its investment, Datum360 has significantly boosted grown revenue and expanded its global footprint.

Mr Wilson said: “On meeting BGF, it was clear that they had a differentiated offering and were well versed in helping SaaS businesses scale. They’ve been the ideal partner to help us expand our market share, continue to innovate, and grow the business over our partnership. We’re looking forward to the next chapter and an exciting future with Autodesk, which will create significant opportunities for our team and clients.”

The investment was led by Chris Boyes. He said: “It’s been a pleasure to work alongside an excellent team led by Steve Wilson, David Mitchell and James Michael, supported by non-exec chair, Ross Smith. The sale of Datum360 to Autodesk is a fitting culmination of the progress made during our partnership.

“Datum360 is another illustration of the value created by BGF’s investment model with our patient minority-only capital, allowing us to form long-term partnerships with forward-thinking companies. Our approach allows us to confidently invest through the cycle until we reach the right exit opportunity for everyone involved.”

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