Foresight exits Protean achieving a 2.4x return

• Exit to Joblogic delivers 2.4x return to Foresight VCT and Foresight Enterprise VCT
• Foresight’s seventh successful exit in calendar year 2023
• During Foresight’s holding period, Protean increased revenues by 60% and evolved its business model and product

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London, October 2023: Foresight Group (“Foresight”), the leading listed infrastructure and regional private equity investment manager, has successfully exited Protean Software Limited (“Protean” or “the Company”), achieving a 2.4x return to Foresight VCT and Foresight Enterprise VCT.

The sale to Joblogic follows the growth of Protean since Foresight’s original investment in 2015. During the investment period, Protean increased revenues by 60%; developed its product offering; and enhanced its software suite. Foresight also significantly strengthened the Company’s leadership team with the appointment of a CEO, Chairperson, Sales Director and Finance Director.

Foresight Investment Director, Stephan Gueorguiev, commented: “It’s been a pleasure to work with the Protean team and we are delighted with the sale to Joblogic. We wish them the best for their next steps.” 

Foresight continues to be one of the most active investors in smaller companies, having completed more than 90 investments into SMEs in 2022, alongside a number of strong exits. In the same year, Foresight’s Private Equity team announced three new funds, a ventures fund acquisition and expanded its office network, opening offices in Dublin and Leeds. So far in the calendar year 2023, Foresight has invested into 50 promising growth companies  and announced a number of successful exits, including Datapath (11.7x money), Mowgli (3.5x money), GovGrant (4.5x money) and Fresh Relevance (4.0x money). The exit is Foresight’s seventh successful exit achieved in calendar year 2023.