Leveraging Recapitalization: Glider Technology

Companies seek recapitalization for a variety of reasons. The new capital from additional investment can be used to do things like fund growth, improve the company's financial stability, and provide liquidity to existing shareholders. In the case of Corum client Glider Technology ‒ a U.K.-based company that develops digital information management software solutions that integrate processes for the construction and building management sectors ‒ a majority investment from British private equity firm Cow Corner enabled both internal and external growth.

Glider’s vision

Nick Hutchinson and Steve Rutkus founded Glider in 2016, with Hutchinson taking the role of CEO and Rutkus becoming the Technical Director. Both had previous experience as consultants in the construction industry. They started the company with the vision of creating a software platform that would unify all the data related to a construction project ‒ everything from original design, to mockups, construction, handover, building operations, and maintenance ‒ and provide users of the platform with a 360 degree view of that data throughout the lifecycle of the project. And they were successful. Though the company was small in size, it had good financial performance over the years and won a number of industry awards. 

Working with Corum

Although Hutchinson and Rutkus were not interested in seeking a partner at the time, they attended a Corum M&A educational event in 2022 led by Corum Senior Vice President Allan Wilson.  And that initiated a relationship between Wilson and the founders. Wilson was intrigued by their software solution, and Hutchinson and Rutkus, in turn, wanted to keep Wilson apprised of their progress. Wilson also made clear that if they ever were interested in testing the M&A market he would help them do that. 

By late 2023, the founders realized the time was right to look for a partner. And that's when they took Wilson up on his offer, which involved taking advantage of Corum’s disciplined M&A process. A significant element of the process is a global search of potential buyers backed by Corum’s proprietary buyer database ‒ the largest buyer information database in the industry. The search identifies multiple potential financial and strategic buyers and ultimately creates an auction environment where those buyers contend for the deal.

Wilson recalls that the level of the interest from potential buyers was remarkable. “We had 27 Non-Disclosure Agreements (NDAs) in place in the first three weeks of going to market,” he said. Ultimately, that turned into six serious bidders, five of whom were strategic buyers, and one financial buyer ‒ Cow Corner.

Choosing recapitalization

Each of the contending buyers made attractive offers, with the strategics seeking a full purchase of Glider. As Corum's advisor for his clients, Wilson realized that he needed to know whether Hutchinson and Rutkus really wanted to sell their company. He remembers the key moment. "I asked them are you sure you want to sell 100 percent of your company right now? You have this high level of interest. Your company is growing. And you're winning all of these industry awards. They looked at me and said, 'Allan you're absolutely right.' And so we decided instead to focus on doing a majority recapitalization with Cow Corner." 

Cow Corner was amenable to becoming a majority investor. The PE firm primarily invests in U.K-based service and software businesses, with a focus on knowledge-based companies. They were seeking to expand their presence in the technology sector and saw a majority investment in Glider Technology as a good strategic move. 

The decision to recapitalize paid off handsomely for both founders. Cow Corner purchased 60% of the company at an excellent valuation, with the deal closing in March 2024. Signficantly, Cow Corner gave Hutchinson and Rutkus the opportunity to do an equity rollover or to fully cash out. Hutchinson chose to roll over half of his proceeds, seeking to benefit from a potential second “bite of the apple” if Cow Corner chose to exit in the future. Rutkus however, opted to take all of his proceeds in cash. 

After the deal, Hutchinson continues to be the company's CEO, and Rutkus, now an employee, still leads the company's technical development.

Additional funding

Beyond its majority investment, Cow Corner also added a significant amount of money to Glider's balance sheet, strengthening the working capital the company can use to do things such as expand its capabilities or invest in its team. Furthermore, the PE firm has provided additional funds for Glider to make strategic acquisitions. Glider used those funds to acquire two companies that enhance its built asset information management platform. In September 2024, the company acquired EDocuments, a provider of digital operation and maintenance (O&M) manuals. And in April 2025, Glider acquired Sitedesk, an innovative software company specializing in 3D visualization and asset management.

The best option

Thinking back on the deal, Wilson recalls, "It became clear that the best option was a recapitalization that would allow a private equity firm, Cow Corner, to take a controlling interest and support both organic and non-organic growth." He also notes with great satisfaction that “Hutchinson is doing fantastically well today, and Rutkus continues to have a job that he loves, which is building the software.”