In April 2023, Canopy Simulations was sold to global brand Michelin.
Founded in 2015 by Mark Catherall, Oliver Watkins and James Thurley, Canopy Simulations is the only commercial simulation supplier in Formula One, and the leading supplier to Formula E. Its motorsport platform provides lap time simulation, vehicle modelling and setup exploration in record time, using the power of cloud computing and its proprietary collocation solver.
Canopy's simulation software had proven itself in the world of motorsport and was showing significant growth in customer subscriptions. However, its unique capability for optimising dynamic systems went far beyond motorsport, with one example being sailing where it was utilised in both the 35th and 36th America’s Cup campaigns.
Mark, Oli and James wanted the software they had created to achieve its full potential and they were also looking for new simulation problems to solve. The challenge, therefore, was to find a buyer that would present new opportunities and technical challenges for both the software and its founders.
Through a full marketing process that garnered interest from a number of major businesses, French tyre manufacture Michelin emerged as the ideal home for Canopy thanks to its keen interest in motorsport, but also its many wider initiatives that could benefit from Canopy’s advanced simulation technology.
“Having recently completed the sale of our company, the idea that we could have done it half as well, or even at all, without Shaw & Co's advice and support seems laughable! Myles and the Shaw & Co team were excellent in all respects, providing expert advice and support throughout what turned out to be a lengthy process, and were instrumental in negotiating and executing a great deal with Michelin. Highly recommended, worth their fees ten times over.”
Mark Catherall, Co-Founder, Canopy Simulations
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