Literacy Capital (“Literacy” or “BOOK”) announces the partial sale and reinvestment alongside CBPE into Velociti Solutions (“Velociti”), a specialist software provider within public transport.
Since Literacy Capital’s original investment in February 2020, Velociti has become a leading provider of mission critical operational software to transport providers, with a focus on the Bus and Rail sectors.
The initial platform investment consisted of a specialist provider within the Bus sector and the offering has developed over the past five years, following three further bolt-on acquisitions. The management team has also been significantly strengthened since Literacy’s investment and the rate of growth has been extremely impressive.
The transaction delivered a 14.8x return for Literacy and an IRR of 70% over almost 5.5 years. Literacy is rolling a significant proportion of its proceeds and Velociti will remain its third largest holding post-completion of this transaction, giving significant ongoing exposure to a business with significant momentum.
Velociti represents the first investment from CBPE Fund XI, which closed at £714m in March 2025.
Jeff Hewitt, CEO of Velociti Solutions, commented:
“Velociti has grown to become a leading and respected provider of software solutions to transport operators. We have enjoyed an excellent relationship with the team at Literacy, who have been hugely supportive, and look forward to continuing this with them and CBPE. We are looking forward to working together to deliver on the many opportunities ahead of us both in the UK and internationally.”
Richard Pindar, CEO of BOOK’s Investment Manager, commented:
“We are really pleased with the progress that Velociti has made since our investment in 2020, which has resulted in an excellent return for shareholders. The leadership team, led by Jeff Hewitt and Carly Wilson, deserve considerable credit for the significant progress Velociti has made since they joined.
The development of Velociti over the last five and a half years is a good example of what Literacy Capital’s patient approach can achieve and deliver for shareholders. We look forward to remaining on this journey and providing support to the Velociti team, as the business continues to flourish and go from strength to strength.”