ANOTHER UK tech star is bought by US private equity: KKR snaps up IQGeo in £333m deal

IQGeo Group has agreed to be bought for £333m by KKR

A leading British satellite software company has been bought by US private equity – just a day after Jeremy Hunt said he wants to create a $1 trillion homegrown tech giant to rival Microsoft or Google.

IQGeo Group – which helps telecoms and utility firms provide maps, satellite imagery and GPS data – has agreed to be bought for £333million by KKR, one of the world’s largest buyout companies and a Wall Street titan.

Shares surged 16.1 per cent but KKR said it believed private ownership ‘is required to support IQGeo’s next stage of growth’.

But the buyout is another example of a UK tech firm being sold to foreign owners before reaching its full potential.

On Monday, the Chancellor rejected concerns over a stream of takeover bids for UK companies saying that’s ‘how capitalism works’.

Hunt said: ‘I’d like to see a homegrown company with a trillion-dollar market cap, with a big global position.

‘It’s a big dream, but we can definitely get there.’