Cwmbran-based technology company Hudman has been acquired by Advanced, the UK’s third largest software and services company. 
The deal sees investor Finance Wales sell its share in the company in the first exit from the Wales Technology Seed Fund. 
Hudman provides cloud-based Enterprise Resource Planning software for manufacturing, engineering and construction industries.
Investment executive Philip Barnes, who structured the deal on behalf of Finance Wales in August 2016, said: “Hudman is the first exit for the Wales Technology Seed Fund, less than a year after our equity investment.
“They’re an extraordinary business which has captured the interest of one of the UK’s biggest software companies. As part of Advanced their product will be invested in further and realise its potential to reach an even wider market than it currently does. They’re a high growth start-up and we’re pleased to have been able to support them,” 
The £7.5m Wales Technology Seed Fund makes investments in early stage science and technology companies from £50,000 through to £250,000. Companies looking for investment from this fund must have a technology-focused business plan and be located in, or willing to relocate to, Wales. So far the Wales Technology Seed Fund has made 40 investments in 29 ambitious companies. Most investments are equity based.
Managing director David James said: “This acquisition opens up an exciting new chapter for our software and is a result of the hard work by everyone at Hudman.
“Following investment rounds in 2015 and 2016, we have continued to invest heavily into the development of our ERP solution and we are extremely pleased that this has been recognised.
“Advanced bring a wealth of experience in the ERP sector and we passionately believe that the strength of our solution, and the value it offers to customers, will only increase as a result. The entire team will be joining Advanced and we look forward to being part of the next phase of their journey.”
David James was put in touch with the company by xénos – The Wales Business Angel Network.
Programme director at xénos Steve Holt said: “We’ve supported Hudman from its first days, introducing the company to its now managing director David James through our angel network.
“We’re delighted that this great business has been acquired and will continue to grow as part of Advanced. We wish David and the team the very best.”