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Spearing Waite & Mazars Advise on Sale of ICON to Elecosoft®

The corporate teams at Leicester Law Firm, Spearing Waite LLP, and top accountancy and financial advisory firm, Mazars LLP, have recently advised the shareholders of Leicestershire based ICON on their sale to Elecosoft for a total consideration of £2.4 million.

ICON, based in Market Harborough, are a leading Software as a Service ("SaaS") provider of building information and related data management and storage systems, principally to the UK retail sector. The acquisition is consistent with Elecosoft's strategy of investment in SaaS technology to grow its customer reach and strengthen its position as an international provider of innovative, market-leading visual software applications.

ICON is a profitable software business with a high profile blue-chip customer base which includes seven of the top ten UK retailers, such as ASDA, Boots, the Central England Co-operative, John Lewis, Morrisons, Sainsbury's and Waitrose. 

The directors of both Elecosoft and ICON are confident that the combination of ICON's SaaS business with Elecosoft's visualisation, estimation and project management software will enable the combined businesses to access new markets, benefit from cross-selling opportunities and enhance the significant recurring revenue generated by their respective software solutions.

Commenting on the sale, the shareholders said “we would like to thank the teams at Spearing Waite and Mazars for the exceptional service and professionalism we encountered throughout.  The sale would not have been possible had it not been for the tremendous effort from everyone involved”.

Corporate Partner, Steve McElhone who led the team at Spearing Waite said “ICON is a great example of the strength and dynamism of owner-managed businesses in our region, and this transaction shows how well regarded these businesses are in the wider economy.”

Pete Wood, Senior Manager at Mazars, said: “It has been a real pleasure to lead the delivery of this transaction for the shareholders of ICON. The company is renowned for its technical excellence and innovation; and there is a great deal of synergy between ICON and Elecosoft plc, which I firmly believe will significantly accelerate future growth. I am convinced that the partnership will be an extremely successful one. It will provide ICON’s clients with access to an enhanced portfolio of products and ICON employees with a whole host of new opportunities within the group’s businesses”.

Stephen McElhone
E-Mail stephen.mcelhone@spearingwaite.com
Direct Dial 0116 242 1229
Mobile 07711 372 666
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James Sparks
E-Mail james.sparks@spearingwaite.com
Direct Dial 0116 242 1260
Mobile 07966 299 688
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Tanya Dobson
E-Mail tanya.dobson@spearingwaite.com
Direct Dial 0116 242 1240
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