Abacus e-Media receives £2.25m growth capital from Business Growth Fund
Investment in web service developer to accelerate roll-out of software platforms
Online digital agency, Abacus e-Media, has secured an investment of £2.25m from UK independent investment scheme the Business Growth Fund (BGF) in return for a minority equity stake.
Founded in 1997, with offices in London and Portsmouth, Abacus e-media provides content management solutions, web design and audience development platforms to the media, publishing and public sectors working with key clients such as Thomson Reuters and Condé Nast.
It specialises in a content management system, Webvision, which allows editors and journalists to publish multi-channel content as well as offering an ‘innovative’ audience management platform ADvance.
The digital firm plans to use the funding to boost the development of its software platforms and intends to increase its sales and marketing activity in order to expand into adjacent markets such as events and business-to-consumer publishing.
As part of the deal, the online developer will also benefit from the support of Nick Caplan, former chief marketing officer of Logica, who will join the company as a non-executive director.
Steve Feigen, CEO of Abacus, commented: “What attracted us to BGF was the long term view they take on their investments, and the strong sense that they work to support the vision of the business.
“Their investment will help us to drive the development of our ADvance and Webvision platforms and to extend our client base much more quickly that we could otherwise have hoped to do.” Business Growth Fund investment director, Chris Hodges, added: “I am delighted to be partnering with Steve Feigen to fulfill his ambitions for Abacus.”