Lead Forensics


ATCORE: Reinvesting for success

Travel technology firm grows organically and through acquisition following carve out from listed business.

ATCORE is a leading technology provider to the global travel industry.

Deal type
  • Carve out
Deal value


Exit type
  • Private equity sale
Exit date

November 2017

Re-investment date

February 2018

The Team
LDC Team

ATCORE is a leading technology provider that specialises in software and services for the global travel industry.

The business provides reservation and e-commerce solutions for travel companies and specialist tour operators, with key customers including TUI, Centre Parcs and Voyages Jules Verne, and its solutions for travel businesses mean its customers can remain competitive in a cost-pressured environment.

Acquiring new opportunities 

In May 2014 LDC backed the management team in the £45m management buyout of Anite Travel from its listed parent Anite PLC, a deal which saw the business go on to rebrand as ATCORE.

orange quote mark
The funding and guidance from LDC has been instrumental in seeing through what has been an incredible period of transformation and growth for the company.”
David Cruickshank, CEO

During the partnership, LDC supported the management team to deliver new product launches, Atcom Search platform and Atcom Retail Browser, as well as the acquisition of Tigerbay, to further diversify the business’ offering and enter new markets.

New strategic hires were also made to the management team, with Dave Cruickshank joining the business and being appointed as CEO in 2016. Mike Kingswood, previous CEO, moved into a non-executive position.

Three years on, ATCORE recorded revenues of £26m, and grew EBITDA to £8.2m.

Reinvesting support

In November 2017 LDC completed the sale of ATCORE to Inflexion Private Equity in a deal that generated a money multiple return of over 3x for LDC.

We then reinvested in February 2018 to continue our support of the management team’s growth strategy.

orange quote mark
It was important for us to firmly establish our own identity after we become an independent entity, and we have worked closely with LDC to expand into new markets and invest in our suite of products.”
David Cruickshank, CEO