Today was my first day in the new office, and new company Cedar. Of course it took most of the day to get my email account working. (Thought it was Arelon, but was renamed Cedar)
Today was an end of an era as my colleagues John Curd and Peter Willson were made redundant from Elevon in the UK. I am now the only one left. They were taken on by Arelon.
On Friday, when I was watching cricket, the UK side of Elevon (the company I work for) was sold to its managers in a Management Buyout for 16 million US dollars. The money was provided by Alchemy.
I, Peter Willson, and John Curd were excluded from the deal and continue working for the US parent company of Elevon. Presently we still reside in the offices at the new company Arelon.
This is the press release.
6th September, 2002 – London, UK – Arelon Ltd., a leading provider of enterprise-wide business solutions in the finance, procurement and business intelligence areas, today announced the completion of a Management Buy Out (MBO). The Elevon EMEA management team and Alchemy have successfully concluded discussions with Elevon, Inc. to acquire the Elevon EMEA business.
Having achieved a consistent increase in sales and profitability during the last two years, the management of Elevon EMEA reached an agreement with its corporate executive in San Francisco to seek an investor for the MBO. Alchemy was chosen from several investment organisations because of their desire to help accelerate the company’s growth. Alchemy is the leading UK private equity investor in IT services with investments in Sanderson, Cedar, Datapoint, Radius and Phoenix.
The new company is Arelon Ltd. As part of the agreement, Arelon Ltd. will own the intellectual property of Elevon 5, Business Intelligence, and new development of STEPs specific to the EMEA region. Arelon Ltd. will also have exclusive sales, support, and marketing rights for Elevon 2, Elevon Active Financial Planning, Horizon and existing STEPs. The existing development and support teams for both Elevon 2 and Elevon 5, currently based in the UK, will continue to provide this service from the UK. The “road maps” for the development of all current and future products will be enhanced by this MBO.
“The initial investment in Arelon Ltd. is the first part of a plan to position the company as a major force in the e-business and financials market in the UK. Due diligence shows that Elevon EMEA is a profitable and well-managed organisation and will form the foundation for growth plans,” said Jon Moulton, Managing Partner of Alchemy Partners LLP.
“This MBO is being conducted from a position of strength. During the last 2 years we have seen our EMEA business grow considerably. This growth has been founded on a sound business ethic, and an enthusiasm to deliver effective business solutions to our customers. The benefits of this MBO are multifaceted but, principally, it allows us to react more effectively to our current and future customers. Our successes with Elevon 2 in 2001, expanded into the development and design of the latest STEPs products, which we intend to continue to build upon. We own Elevon 5 and Business Intelligence, which is clearly advantageous to our clients. Our exclusive agreement with Elevon, Inc. for all other solutions also ensures our clients’ investments are protected, and allows us to become more responsive to customer and market trends going forward. These activities all reinforce this MBO decision, and the Board’s commitment to growing the business,” said Roger Llewellyn, Chief Executive Officer, Arelon Ltd.
“The plan for the next three years calls for steady growth in all aspects of the business, while at the same time taking advantage of the skills of our development team. This will allow us to create new and innovative ways of providing our customers with the ROI they need from automating their processes,’ Llewellyn concludes.
The Board of Directors will comprise of Jon Moulton, Managing Partner Alchemy LLP, Roger Llewellyn as Chief Executive Officer, Dean Dickinson as Director Operations, John Day as Director Business Operations, and Bill Strachan as Director Sales.
A detailed description of the MBO and its potential is available from the contact below.
For additional information contact:
Tel. 01296 432951
Arelon Ltd., formerly known as Elevon Ltd, is a leading provider of enterprise-wide business solutions in the areas of finance, procurement and business intelligence. Over the last three years Arelon Ltd. has been extremely successful providing e-business solutions to Global 2000 organisations. After working extensively with these leading organisations, Arelon Ltd. has identified the need to deliver collaborative solutions that extend beyond the four walls of the enterprise. Arelon Ltd. is dedicated to building on these successes to continue to provide the market with enterprise-wide solutions, enabling its customers to continually add value back into the business and achieve a high return on investment.
More information about Arelon Ltd. is available by contacting us at firstname.lastname@example.org.
© 2002 Arelon Ltd. All Rights Reserved.