Key Takeaways
- Sector: Technology Software & Gaming.
- Geography: United Kingdom.
Analysis
OneAdvanced, a major UK enterprise software firm backed by Vista Equity Partners and BC Partners, has secured a £1.2 billion debt financing package to fully refinance its existing facilities. The new capital is being provided by Ares Management’s Direct Lending funds, Carlyle’s Global Credit platform, and Goldman Sachs Alternatives.
The financing supports the company’s long-term growth strategy and balance sheet optimization. The transaction is expected to close in the third quarter of 2025, subject to customary conditions.
Founded in 2008, OneAdvanced delivers mission-critical SaaS and software solutions across sectors including healthcare, education, government, housing, and professional services. Its tools streamline finance, HR, procurement, and compliance functions, serving over 10,000 customers with a team of more than 2,100 global employees.
The company is led by CEO Simon Walsh and a long-tenured management team, supported by its private equity sponsors Vista and BC Partners, who jointly acquired the business in August 2022 from former owner Vista Equity Partners in a secondary transaction that valued the company at over £2 billion.
At the time of the 2022 acquisition, OneAdvanced also closed on a large debt financing package—reportedly in excess of £700 million—led by a consortium that included Intermediate Capital Group (ICG) and Golub Capital. That funding enabled the ownership transition and set the foundation for the company’s acceleration into adjacent sectors and expansion of its digital transformation suite.
The current £1.2 billion refinancing replaces that capital structure and reflects the company’s improved scale, profitability, and investor confidence amid persistent demand for vertical SaaS in public-sector-aligned industries. OneAdvanced has grown significantly through strategic acquisitions and organic expansion since its original carve-out from Advanced Computer Software Group in 2015.
This latest financing underscores continued lender appetite for software assets with high cash flow visibility, long-term contracts, and mission-critical positioning in government and regulated markets. It also highlights the increasingly important role of private credit in funding large-scale European software transactions.