ECI sells Fourth to Insight Venture Partners

23/06/2015
Read Time: 1 Min

Fourth logo

ECI Partners today announced that it has entered into a definitive agreement to sell majority ownership of Fourth, the world’s leading provider of cloud-based (SaaS) cost control solutions to the hospitality industry for an undisclosed amount to New York-based venture capital and private equity firm Insight Venture Partners.

Founded in 1999 by restaurant entrepreneurs Derek and Edwina Lilley, Fourth’s real-time software helps restaurants, pubs and hotel groups manage their key costs, labour, stock and purchasing more efficiently. The company has a strong track record of providing innovative software to over 1,200 global customers including Hilton, Hyatt, CenterParcs, Fuller’s, Spirit, Wagamama, Soho House, Jamie’s Italian, Carluccios, the Gordon Ramsay Group and Legoland California. With revenues largely recurring in nature and high levels of customer retention, Fourth continues to lead the market in both innovation and customer satisfaction.

In recent years, Fourth expanded internationally with acquisitions of Adaco, a US-based SaaS business focused on the international hotel sector and Team Hours, a transformational labour productivity business. The London-based company currently employs over 350 individuals globally with sales and development offices in both the US and Bulgaria.

“Fourth is another UK success story. It has been a pleasure to work alongside Ben and the team to help Fourth become a world leader in their sector. Derek, Edwina and Ben were looking for a partner who would support the internationalisation of their business and ECI are delighted to have been part of the journey”.

David Ewing 

ECI Managing Partner

Jefferies International Limited acted as sole financial adviser to Fourth and ECI Partners.

About Fourth:
Fourth is the world’s leading provider of cloud-based cost control solutions to the hospitality industry. Our solutions enable you to maximise control, management and as a result, profitability, right across your business regardless of its scale or your location. With you, we’ll configure your Fourth Solution, optimise your insight and decision-making power with Fourth Analytics – and back it all with our great people in a Success-driven Partnership. www.fourth.com

 

About the author

David Ewing

I joined ECI in 2001 after an early career in software development, and since then have largely focussed my time at ECI on software and digital media businesses. I’ve had the pleasure of working with some really great and ambitious management teams including our current portfolio companies: Avantia, Ciphr, ATG, Peoplesafe, Bionic and MiQ. Back […]

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