Private equity firm Accel-KKR has agreed a recommended cash offer of £207.6m to acquire software company Eleco plc.
Under the terms of the offer, Eleco shareholders will receive 235p in cash for each share they hold, valuing the company at approximately £207.6m on a fully diluted basis.
The offer represents a 74.7% premium to Eleco’s closing share price of 134.5p on 9 September 2026, before the announcement. It also represents an 89.9% premium to the company’s six-month volume-weighted average share price.
Eleco’s board has unanimously recommended the transaction, which is expected to be implemented through a court-sanctioned scheme of arrangement. Shareholders representing 45.2% of Eleco’s existing shares have already given irrevocable undertakings or letters of intent to support the acquisition.
Accel-KKR said the deal would provide Eleco with additional resources and capital to support product development, its transition towards software-as-a-service, artificial intelligence implementation and further organic and acquisition-led growth.
Eleco has transformed from a building products business into a specialist software provider serving the built environment. Its products cover areas including project management, construction scheduling, building information modelling and facilities management.
The company reported revenue of £38.8m for the year ended 31 December 2025, up 20% year-on-year, while adjusted EBITDA increased 32% to £10.2m. Annualised recurring revenue also increased 29% to £34.3m, with recurring revenue accounting for 81% of total revenue.
The offer comes as Accel-KKR said it saw an opportunity in Eleco to support its continued growth and technology development.
The acquisition remains subject to shareholder and court approval, among other conditions, and is currently expected to be completed during or before Q1 2027.
