Infrastructure and SME investment manager Foresight VCT (FVCT), part of Foresight Group has sold Codeplay Software to Intel, subject to regulatory approval.
FVCT originally invested in Codeplay in 2018, and has seen a factor of 15 return on capital invested.
The sale will generate proceeds of around £47 million across the funds managed by Foresight; the exact amount will be influenced by exchange rates.
Edinburgh-based Codeplay specialises in cross-architecture software development, with a particular focus on artificial intelligence and other high-performance software.
It has developed software tools used in intensive applications from supercomputers, to self-driving cars, to medical imaging and diagnostic equipment.
Margaret Littlejohns, chair of FVCT, said: “Codeplay has been a great success story for the Company and for our shareholders.
“It is a company at the forefront of UK technology innovation and with Foresight’s support, has become a key player in an ecosystem that will improve the performance and reduce the energy consumption of millions of computer chips.”
FVCT specialises in investing in UK based SMEs and currently has a portfolio of over 40 firms across a number of sectors. It has net assets under management of £185 million.
Foresight Group manages several funds, focusing on sustainability and innovation, particularly within the SME sector. It invests throughout Europe and has over £8 billion of assets across its funds.