Capita sells education platform ESS for up to £400m
PA
14 December 2020, 2:56 pm
Outsourcing giant Capita has agreed to sell its education platform division to private equity house Montagu for up to £400 million.
The company first revealed plans to sell its Education Software Solutions (ESS) arm to reduce its debts but initially struggled to gain a suitable price tag.
But on Monday a deal was struck with Tiger UK, a newly former company advised by Montagu.
The firm’s Sims (School Information Management System) platform is used in 21,000 schools across England, Wales and Northern Ireland.
As part of the deal Montagu will take over debts at the business to the tune of £57 million and pay a further £298 million on completion, expected early in 2021.