£500k investment for Cheshire software specialist
Warrington software specialist, Traverse Associates, has received a £500,000 investment from NPIF-Maven Equity Finance, to expand its operations.
Established in 2007, Traverse is traditionally a supplier of intelligent automation solutions to the travel sector and offers a range of services including invoice matching and admin automation to blue chip clients including the likes of Booking.com.
The business plans to expand into other key verticals going forward, after having previously entered the telecommunications, recruitment and HR space.
Traverse has two key brands, Traverse Automation, which is a solution delivery and consultancy business focused on AI Automation and Data Warehousing. It also has Cognitive Flow, which is a product business focused on the development of Intelligent Automation software. This product is sold on a consumption model to enable the wide adoption of affordable intelligent automation into SME markets.
The funding will be used to drive the wider adoption of the Cognitive Flow product more quickly and also to innovate new AI-driven components.
NPIF-Maven Equity Finance, which is part of the Northern Powerhouse Investment Fund, has invested more than £76m into around 75 ambitious growth businesses across the North West region, creating in excess of 1,500 jobs in the process.
James Caplan, investment manager at Maven, said: “Traverse Associates has a strong reputation in the travel sector and is a key market leader in the growing RPA space.
“With its highly scalable tech and reliability of product, it is our pleasure to help Traverse Associates on its growth journey and expansion into new markets.”
Traverse said: “This is an exciting time for Traverse – we’ve been successfully rolling out our automation solutions for a number of years, and this key investment will allow us to reach a bigger market with our Intelligent Automation product.”
Debbie Sorby, senior manager at British Business Bank, said: “Intelligent automation solutions are leading the way in the future of the workplace. Through this NPIF investment, Traverse will bolster their operations and continue advancing their technologies, paving the way for a workplace of the future.
“It is excellent to see this coming from Cheshire, representing the North as a place of innovation and technological advancements.”
Browne Jacobson corporate partner, Ryan Brown, and associate, Harpinder Nahl, advised NPIF-Maven Equity Finance.