Significant BGF investment will help drive international growth for SaaS company
A Chester-based provider of software and hardware solutions to the global construction sector has secured a multimillion-pound investment from growth capital investor BGF.
Founded by Adrian Butt, Datascope Systems has built a strong reputation for developing construction site management solutions, which help to drive efficiencies, enabling site managers, planners and contractors to digitally manage site attendance, logistics, permits and project planning, as well as ensuring contractors are compliant with safety and regulatory obligations.
The funding from BGF will allow the high-growth business to accelerate its ambitious growth strategy – both in the UK and internationally across infrastructure, residential and commercial markets.
CEO, Adrian Butt, said: “In the last 20 years, we have grown from a construction site hardware business, to a fast-growth SaaS company with four core product areas that have been specifically designed to help drive efficiencies across global, multi-billion-pound organisations.
“Our aim is to quickly expand our international footprint in territories such as the US, the Middle East, mainland Europe and the Far East, while at the same time continuing to invest heavily in new product development and increasing our sales capabilities.
“In order to achieve these aims, we need an investment partner with excellent sector credentials, as well as an appetite to support our growth ambitions over the long-term. In BGF we have found that partner.”
The deal was led by Pinesh Mehta, Josh Bean and Elle Swire, investors in BGF’s Manchester team.
As part of the investment, Geoffrey Finlay will join the board as non-executive chair. Geoffrey is a highly successful and award winning chair and former CEO of FTSE, NASDAQ and PE-backed technology companies, including Logistyx Technologies and Navitas.
BGF Investor Pinesh Mehta said: “Datascope is an exciting and dynamic technology business, which has all the ingredients to achieve substantial growth, with a highly ambitious senior leadership team, a strong core product offering, and a sizeable addressable market.
“When you combine these with BGF’s track record of helping tech businesses scale at pace, then you have all the hallmarks of a successful relationship.”
Advisers on the deal were: To the company and shareholders – DLA (legal) and RSM (tax). To BGF – Squires (legal), Bobby Foley (financial due diligence), SBR Consulting (sales due diligence), Hurst (tax) Holtara (ESG) and FluidIT Consulting (tech DD).
Our Rainmakers platform featured a deep dive into the future strategy of BGF in July, including a detailed interview with chief executive Andy Gregory.
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