Celaton becomes fifth IT firm to receive backing from Business Growth Fund
Software producer secures £2.5m from government-backed initiative
Milton Keynes-based software firm Celaton has received a £2.5m investment from the Business Growth Fund (BGF).
Formed in 2004 by Andrew Anderson and Gary Grant after the management buyout of Redrock Technologies and the acquisition of DG Tech Ltd, Celaton develops software-as-a-service (SAAS) systems for businesses.
The firm’s latest software inSTREAM… uses the cloud to automate the process of information streams within a company, such as customer correspondence, financial documents and employee records.
With customers including Asos.com, The Carphone Warehouse and TalkTalk, the company delivered a revenue of £2.2m in 2012.
Using the new funding from BGF, which was established by government to boost investment in the UK’s growing smaller and medium-sized businesses, Celaton is hoping to accelerate sales and marketing plans.
The deal marks BGF’s fifth investment in an IT-enabled service. Other investments in the sector include online employee reward and benefit scheme provider Benefex and home communications price comparison service Broadbandchoices.co.uk.
Andrew Anderson, co-founder and CEO of Celaton, commented on the investment, which sees Tim Bittleston of BGF replace Rob Wirszycz as the company’s chairman: “We’re keen to maximise our growth in our core sectors and penetrate further into public sector where we know there is a significant need to improve productivity and reduce costs.
“Celaton is incredibly well placed to take advantage of this with the addition of BGF’s expansion capital and an enhanced management, sales and marketing team.”