Venture capital firm Apax Europe IV is behind the offer, using a 'shell' company called Kickshaws, which will change its name to TRACKER Network once the buy-out is completed.
Ralph Kanter, TRACKER founder, chairman and chief executive, will become non-executive director. He has made a three-year consultancy agreement with Kickshaws. Financial director Kevin Watters will take over as managing director, which will include taking over the chief executive's role. A replacement for the chairmanship had not yet been decided.