Tech firm in buy-out

Proud takes lead role in Cortex MBO

Peter ProudDigital solutions company Cortex Worldwide has completed a management buyout from a global corporation in a seven-figure deal.

The company will remain headquartered in Edinburgh. According to founder and CEO Peter Proud (pictured), Cortex is “debt free, cash positive and is now a wholly-owned Scottish company with no institutional investors.”

The company plans to focus on increasing global revenues of which 95% is already from international clients.

Cortex is behind Microsoft’s global education network, one of the technology giant’s busiest services, providing over 40 localised sites globally, through five data centres worldwide.

Mr Proud said: “I’ve spent most of my working life and career travelling, so the opportunity to come home and establish a business in Scotland was very attractive.

“Scotland’s position as a pioneer and technology leader has really gained traction in the last few years with some fantastic businesses gaining international recognition.

“Combine that with the talent pipeline from the major universities and the close-knit tech community and it was too good an opportunity to pass up.”

Law firm Burness Paull advised on the deal.

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