July 2024

Chiltern announces the exit of its investment in SiXworks

Chiltern is pleased to announce the successful exit of SiXworks to IBM.

SiXworks is a rapidly growing, highly specialised digital experimentation consultancy, focused on cutting-edge technology solutions for the UK defence sector. The business provides critical technology services across agile digital experimentation, technology implementation and ongoing support solutions.

Chiltern invested in SiXworks in October 2022 and worked with the management team to implement an ambitious growth plan to develop the business. With Chiltern’s support, SiXworks has invested heavily in developing its back office and supporting infrastructure as well as increasing the team from 70 to 170 over an 18-month period.

During the investment, SiXworks has been recognised in the 2023 Tussell Tech200 list of fastest growing tech companies in the UK Public sector and in the Sunday Times Best Places to work in 2023 and 2024.

Steve Rawsthorn, CEO, SiXworks said:

“We were pleased to find in Chiltern a partner who understood our sector and shared our commercial ambitions, supporting us with investment to drive growth across the Company. SiXworks is well-placed for the next stage of its journey as we move into new departments of the MOD and develop our capabilities with IBM, a recognised technology and consulting leader.”

Tom Phipps, Chiltern Capital added:

“We invested in SiXworks due to its highly specialised service offering, domain expertise and exceptional management team. We are delighted to have supported the transformational growth of the Group over the past 18 months. SiXworks’ success is a testament to the team, its strong culture of customer delivery, and it has been a pleasure to work with them. We’re confident IBM is the best destination for SiXworks to continue its growth journey and we’re excited to see the added value they together bring to clients.”

Chiltern and management were advised by Rothschild & Co, Squire Patton Boggs, RSM and AJ Gallaghers.