Belfast-based compliance software group AuditComply has been acquired by Toronto-headquartered Nulogy.
Founded in the Northern Irish capital in 2014, AuditComply has developed a quality management platform for manufacturers to perform tasks such as tracking suppliers.
“We are excited about the next chapter for the business as part of Nulogy,” said Kevin Donaghy, chief executive of AuditComply.
“AuditComply and Nulogy have a shared vision of empowering manufacturers with the data and digital support they need to effectively manage and scale their operations in today’s marketplace.”
The cost of the acquisition by the Canadian cloud-based manufacturing software firm has not been disclosed, however, AuditComply backer Co-Fund NI confirmed the deal resulted in a successful exit for it.
Co-Fund NI is an investment fund attached to the Northern Irish government and managed by Clarendon Fund Managers. It makes investments typically between £150,000 and £500,000.
The fund invested in AuditComply in 2015 alongside a handful of angels. The firm was later backed by BGF, First Derivatives and British Business Bank via its Regional Angel Programme.
“We are really pleased for the AuditComply team and would like to congratulate Kevin and Susan on securing this partnership with Nulogy,” said Brian Cummings, investment director at Clarendon Fund Managers.
“While this results in a successful exit for Co-Fund NI, it is also a good news story for the Northern Ireland economy as it provides a further indication of how international investors view the calibre of business we have in this part of the world, across a wide range of sectors.”
