Technology firm secures £2m investment
NEWLY formed Maven Capital Partners has announced a £2m investment in Rotherham-based technology firm Documetric.
The deal has been done under the Capital for Enterprise Fund (CFE Fund) of which Maven Capital is joint manager.
The £75m fund is a government backed initiative launched earlier this year to help SMEs gain access to the financial support required to bridge the funding gap caused by the credit crunch.
The investment in Documetric will support its growth and development plans as an innovative technology led business process outsourcer (BPO) delivering payment processing, transactional and managed services in secure data management applications, finance and administration.
Documetric has grown rapidly since it beginning trading in 2007 with services driven by the needs of its customers to reduce costs and improve their service quality in their own business activities.
It is one of the 10 largest accredited payment bureaus in the UK and processes payment for more than 120,000 SMEs.
Richard Arden, finance director at Documetric, said, “This investment will facilitate further organic growth by Documetric and is an attractive alternative to private equity.
“The efficient delivery of our outsourcing services is key to generating significant savings to our clients and we have a significant pipeline that has partly been driven by clients looking to rapidly cut costs in their operations.”
Andrew Craig, partner at Maven, said: “Documetric is a high quality BPO with an impressive blue chip client base.
“The senior management team led by Rami Cassis have exciting plans for the business and Maven is delighted to be able to provide this investment from the CFE Fund to help the team achieve their strategic vision.”
Maven Capital’s Manchester office brokered the deal. The mid-market firm was formed in June following the management buyout of Aberdeen Asset Managers’ private equity arm.
