BGF invests in North East tech business
BGF has completed a multi-million pound investment for a minority shareholding in a Teesside-headquartered Engineering Information Management (EIM) software company, Datum360, to accelerate growth and address significant market demand.
Datum360’s software platform connects disparate systems, providing a trusted data backbone which manages the life cycle of critical engineering and asset management data for a range of blue-chip customers from the fields of energy, mining, utilities, road and rail infrastructure.
The fast growth technology company was founded by CEO Steve Wilson, alongside CTO Dave Mitchell and CFO James Michael. The management team have a combined 50 years’ experience working within large engineering and design firms where they cultivated a deep understanding of data management in major capital projects.
The pioneering North East company has offices in Australia and plans to open a US base in 2021. It has a global reach and is undertaking projects in North America, Europe, Asia and Australia.
Datum360 counts organisations such as BP, Total and BHP among its customers. BGF’s investment will help to unlock its expansion and allow the business to build on the fast growth it has experienced to date.
Commenting on the investment, CEO Steve Wilson said “Datum360 has built a reputation for delivering, at speed and globally, our cloud based Connected Data platform for Engineering Information. Working with energy, mining, utilities and infrastructure clients, we are excited to see the demand for data become more distinct and more urgent. Our capability delivers the critical data foundation and backbone which underpins our clients evolving approach to BIM and building and maintaining their Digital Twins.”
“BGF’s investment team and their expertise in supporting the scale-up of technology businesses like ours is invaluable to the next stage of our growth. Having first met BGF in September this year, we have been impressed with the pace to get the deal to completion. The BGF team were quick to understand our business and market opportunity and we look forward to working together to achieve our shared ambitions.”
BGF opened a Newcastle office in 2018 and has invested in a number of innovative fast-growing North East companies, such as Sunderland-based SaleCycle – a behavioural marketing technology company – and Alnwick-headquartered Arcinova, a life sciences business.
Chris Boyes from BGF led the deal. Chris said: “Datum360 is a fine example of a North East business with a market-leading product which has significant global potential. With the growth plan and opportunity for the business clear, we were able to deploy capital very quickly. We already have a number of successful investments in the North East and are looking to back more businesses in the region.”
“We recognise that business owners are trading in a very tough economy and we believe that equity investment can be a solution for supporting progressive entrepreneurs’ growth ambitions, as well as playing a vital role in driving economic recovery.”
Business funding news
BGF invests £30 million in Yorkshire and North East in active H1
BGF has invested £30 million in Yorkshire and the North East in the first half of 2021, cementing its commitment…
BGF sees business confidence grow in 2021 with close to £33m invested in Scottish firms so far
Throughout the last six months, the investment team for Scotland has invested close to £33 million across 10 Scottish growth…