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CIPHR has continued to perform strongly this year and has been able to capitalise on the move to increased remote working. CIPHR Connect is a compelling proposition for customers and the business continues its impressive growth journey."

Chris Berry, CEO

We expect to achieve annualised recurring revenues of circa £15m by the end of 2020. Since we acquired PBS late last year, we have further invested in the business to not only grow the customer base but also to develop and expand our team of exceptional people. We wish to achieve the same success with Digits’ team of learning experts and continue to deliver exceptional service to our customers.”

Chris Baker, investment director at LDC, said: “Since partnering with CIPHR we have worked closely with Chris and the team to help them deliver a strategy of organic growth, expansion of the software offering and carefully identified acquisitions. CIPHR Connect continues to enhance the overall customer proposition by partnering with complementary software providers to offer a first-in-class holistic HR management solution.”

Since July 2018, LDC-backed businesses across the UK have acquired more than 45 companies with a total enterprise value of over £275million.