£4m investment will drive international expansion for Warrington firm
Growth capital investor BGF has invested £4m into Warrington-based double Queen’s award-winner, DriveWorks.
The firm works with manufacturing and engineering businesses to provide innovative design automation and 3D sales product configuration software solutions.
The fast-growing technology company was co-founded by chief executive Glen Smith and VP Maria Sarkar in 2001 with the creation of DriveWorks software as a design tool to automate SOLIDWORKS, the world’s leading 3D CAD design platform.
With an already established userbase in the US, DriveWorks’ technology has truly global reach and is utilised by thousands of customers across 47 countries.
BGF’s funding will support continued investment in technology to accelerate growth and position the business to address the significant market demand for customised 3D product visualisation in an increasingly virtual world.
This deal is the second in a week for BGF’s North West team, having also announced a £7.5m investment in Lancashire-based ecommerce logistics and tech company, Fulfilmentcrowd.
DriveWorks co-founders Glen Smith and Maria Sarkar said: “Our company is built on innovative technology, high standards and, above all else, the quality and commitment of our people to our customer base and channel partners.
“With BGF’s support, we have an opportunity to build on our growth with continued investment in our software and focus on international expansion into new and existing markets.”
They added: “We’ve been impressed with BGF and their expertise in supporting the scale-up of technology businesses in our sector which will be key to achieving our ambitions for DriveWorks.”
Harry Jones, from BGF, originated and led the deal. He said: “DriveWorks is an excellent business with unique and world-leading technology which has significant global potential to help manufacturing companies generate more sales whilst also driving efficiencies in their production processes.
“We have also been impressed by the founders’ commitment to their team and investing in talent within the business which gives a strong cultural alignment between our organisations. All of these elements, combined with our support, investment and attractive sector fundamentals, mean DriveWorks is primed to scale its operations.”
He added: “This is a sector BGF knows well having previously backed Solid Solutions – the UK’s largest reseller of SOLIDWORKS, in 2016 which more than tripled revenues through significant organic and acquisitive growth over a four-year period before a successful exit last year.”
The advisors to the transaction were: Knights (legals for BGF), DTM Legal (legals for management), Mattocks Grindley (financials for management) and Hurst (tax DD).
