Foundation Systems Ltd, a UK-based value-added reseller of financial and business systems software, has just been acquired in a management buy-out. Equity details and the value of the acquisition remain undisclosed. Funding was arranged by UK investment capital group 3i Plc and senior debt from Natwest Acquisitions Finance. Established in 1982, the company is a supplier of Student Award processing software to Local Education Authorities for which it claims 40% market share. It also has a time management software application called Tempo which it integrated with London-based Systems Union Ltd’s SunSystems financial package, and a package for retail mail order and telephone sales across multiple sites. It employs 75 staff and the two founding directors are moving on to pursue activities outside the computing industry.
