Glasgow private equity firm Maven and Scottish Investment Bank have offloaded their stakes in Scottish software firm Incremental.

Maven and SIB delivered a 4.1x return for investors in the 12th profitable exit for Maven investors in three years.

Incremental, a technology services business employing 125 people across five sites in Glasgow, London, Manchester, Inverurie and Northwich, helps clients achieve digital transformation across core business applications, moving to the cloud and leveraging data and AI.

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Maven and SIB, who invested in the business in 2016, said for the current financial year revenue has risen 60 per cent to £6.6 million and EBITDA (earnings before interest, tax, depreciation and amortisation) by 100% to £1m.

It is claimed its sale to Dunedin LLP will enable the business to take the next step in its evolution as it targets £60m revenue and a workforce of 500 by 2022.

HeraldScotland:

Neil Logan, chief executive of Incremental Group, above, said: "Together with Maven and SIB we have achieved a great deal and I thank them and Clydesdale Bank for their initial belief in us and their support.

"I look forward to the next phase of our journey and working with Dunedin to realise our full potential."

Julie Glenny, of Maven, said: "Generating a 4.1x return in just two years stands as a testament to the Incremental management teams’ ability and ambition to build a successful digital services business, but also Maven’s capability to support entrepreneurial smaller businesses and help them achieve their growth aspirations."

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Kerry Sharp, SIB head, said the move "is an excellent example of our investment funding helping an ambitious management team to create a business of scale", adding: "More broadly Scottish Enterprise has been working with the Incremental team since inception supporting a range of initiatives including growing their talented workforce and we look forward to continuing this support going forward."

Incremental is said to have become one of the largest UK Microsoft Dynamics Partners, working with a range of blue-chip clients including Aggreko, Total and Scottish Leather Group.