Life After Exit: How Selling Ibcos Created Space for New Passions

We caught up with Nigel Sargent following his recent travels to Barcelona, where he and a group of friends enjoyed the F1 races.

Nigel was a shareholder in Ibcos; 12 years post-close he reflects on his journey building and eventually selling the business. 

Tell us about the early days of your career at Ibcos.

The original founder of Ibcos, Andrew Scothern, started the business in 1979. I joined him in 1984. At the time, I was a programmer, and Andrew was the Managing Director. This was long before the term “vertical market software” existed.

Andrew used to go through phone books and knock on doors to find customers. He was great at finding them, but they came from all different industries, which meant we were constantly writing and rewriting custom code. It wasn’t sustainable.

One day, Andrew sold to a dealership and the customer mentioned they could refer us to other dealers “down the road”. It was a lightbulb moment. We realized if we focused exclusively on one industry, we wouldn’t need to rebuild the software for every client—we could verticalize and scale.

In the late eighties, Ibcos merged with its main competitor and Ibcos became the go to standard for agricultural dealers.

How did your career grow at Ibcos over time?

In the early ’90s, I became a Project Manager and started running the programming department. I eventually bought into the company and became a shareholder. Shortly after, we acquired a competitor, through a court case and their customer base and one of their directors, Adrian, became our third shareholder. Overnight we went from having two solutions to having three.

In 1994, I was tasked with merging those three product lines into a single offering. It was a huge challenge. We were very keen to expand our vertical market and would do anything to get a customer and maintain that grip.

By the early 2000s, Andrew had left the business and handed the reins to the remaining two shareholders. Unfortunately, Adrian became ill and had to step away. The day-to-day running of the business fell to me, and we appointed a new CEO. I would pine over every aspect of the business… My wife even did our accounting!

Nigel and his wife Susan, featured in House Byter Magazine in 1994.

What was your role as the company prepared for an exit?

Two of the three shareholders were retired or ill, and the business had hit a technological plateau. We knew it was time to find someone who could take it into its next phase of growth. We had reached what felt like a ceiling; strong margins, but little room left to grow.

We hired an advisor who encouraged us to prepare well in advance. We spent a year getting our legal contracts, financials, and documentation in order. That preparation was invaluable. I can’t imagine what the process would have been like otherwise.

Once we were ready, Andrew and I took the business to market.

What made Perseus Group the right acquirer for Ibcos?

At that point, Perseus had already demonstrated their ability to acquire and operate vertical market software companies.

We met with many potential buyers, but we chose Perseus for two reasons: their proven track record in our space, and their commitment to providing long-term stability for our staff and customers. Even today, I still feel a sense of responsibility to the people we served and employed. I stay in touch with some of them, even 12 years later.

When we met with Dexter and Daniel, everything started to click. They offered the business a future. Perseus helped us break through that plateau, not just improving profitability, but reigniting growth across the business.

Looking back, what aspect of the acquisition process surprised you the most?

Right before the sale, we secured our biggest customer ever. It was an intense time; we were onboarding a major account while trying to sell the business and still running everything else day to day.

Perseus was patient. They let us complete the onboarding before finalizing the acquisition. That customer is still with Ibcos today.

The sheer volume of NDAs and tenders was also overwhelming. We were cautious—we wanted to vet buyers thoroughly while also validating our own position.

Working with a quality Advisor made all the difference. So did working with a buyer who was upfront, experienced, and trustworthy. For us, selling the was a once in a lifetime event and we wanted to get it right.

Perseus stayed true to their word; they’ve kept the staff, protected the customers, improved our product, and even improved bonuses and working conditions. They delivered on everything they promised. 

What was professionally rewarding about leading the company through that transition?

Running a successful business is a buzz. We worked hard, but it was deeply rewarding. Selling was the right decision for the shareholders and the company. I was 49 and knew I wasn’t quite ready to give up that buzz. That’s what pushed me to keep building—just in a different way.

What are you up to now, as you’ve stepped into retirement?

These days, I go to the gym every day—I’m much fitter than I was when I was working. I also started developing new build houses. I handle the acquisition of sites, planning, legal, and financial aspects. It’s given me a new outlet, and in many ways, it replaces the energy and satisfaction I got from business.

Selling the business gave me the freedom to pursue experiences I wouldn’t have been able to before. I’ve got season tickets to the Spurs, and we travel often—most recently to Grenada with a group of close friends. We make a point of visiting new places each time, now that time and flexibility are on our side.

Next up: a month in India, followed by a six-week trip to Antarctica in 2027.

Back to Insights