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Emil Gigov of Albion Capital discusses Clear Review sale
Emil Gigov discusses the sale of Clear Review and Albion Capital’s 15-month hold period and exit
In October 2020, we completed the sale of Clear Review to Advanced Computer Software Group (ACS), one of the UK’s leading software companies, backed by BC Partners and Vista Equity Partners. We had led a £2.5m Series A investment in the cloud-based performance management system provider in June 2019. We invested £1.85m and Mercia invested £650,000. Its founder and CEO, Stuart Hearn, was very keen to keep control, so he retained just over half the shares. The sale generated a 75% internal rate of return. Deal multiples were not disclosed.
We first met Hearn and the Clear Review team in London in early 2019. He was previously international HR director at Sony and head of a talent management consultancy. He launched the business in 2015, having recognised the need for simplified performance management software. In the first two years, revenue and headcount grew by 100%. It attracted more than 150 corporate customers, including CYBG/Virgin Money, HarperColllins and Mishcon de Reya, and expanded into the US.