A management team at London visual effects technology developer The Foundry has completed a buyout of the company.

Backed by venture capitalists Advent Venture Partners, chief executive Bill Collis and his team have completed a deal to take on the shareholdings of previous investors Wyndcrest Holdings.

Financial details were not disclosed.

Commenting on the completion of the transaction Collis said: “The Foundry is renowned for responding to user need and developing useful tools that boost productivity. With the backing of our previous investors, we enjoyed substantial growth and are now in a strong position to take the business forward with our new partners.

“We are ready to realise our further ambitions for Nuke and the rest of our product portfolio, ensuring the company goes from strength to strength whilst maintaining strong customer focus.”

Wyndcrest bought The Foundry in 2007 for about £5m.

The Foundry makes visual effects and image processing technologies that boost productivity and workflow in film and video post-production.

Established in 1996, the company is famous for its plug-ins and more recently its compositing software Nuke. It eemploys 50 people and turns over around $10m.