IT consultancy Inoapps receives £10m Business Growth Fund investment
Deal marks BGF’s largest Scottish investment to date
The Business Growth Fund (BGF), the independent investment company backed by five of the UK’s high street banks, has announced a £10m funding round for Scottish IT consultancy Inoapps to support a programme of accelerated growth.
Founded by Andy Bird in 2006, Aberdeen-based Inoapps specialises in providing support, consulting, hosting and managed services for enterprise software provider Oracle’s range of products.
Initially targeted at oil and gas clients, the company has since diversified into other sectors including construction, defence and the public sector.
The company has seen steep growth in recent years, doubling its turnover two years in a row – bringing year-end revenues to around £20m in July 2013.
Inoapps now employs around 200 staff with offices in Aberdeen, Edinburgh, Derby and Kuala Lumpur.
Business Growth Fund’s £10m backing will be used to fund several acquisitions in order to widen Inoapps’ consumer offering and support a programme of international expansion.
The deal marks BGF’s seventh and largest Scottish investment to date and brings the total invested in the region to £36.9m.
Investment director Mike Sibson, who will join the Inoapps board as part of the deal, said: “Andy Bird is a driven entrepreneur who has built Inoapps into a successful business over the last six years. It is on a highly impressive growth trajectory, driven by consistent high quality project delivery, Andy’s strong leadership and the experienced management team.
“The team has demonstrated its ability to lead the delivery of larger projects to blue chip clients, with outstanding results. Andy has a vision for how Inoapps will build on this platform both in the UK and overseas.
“BGF was established to provide long term capital to ambitious UK companies and we are very excited to become part of that vision.”
Andy Bird, founder and chief executive of Inoapps, said: “We are very pleased to have BGF’s support during a pivotal period of growth. We had several recommendations of BGF from trusted advisers and we have been pleased with the efficient investment process.
“We have an aggressive growth plan, and having made two acquisitions in recent years, we know that BGF’s investment will give us the platform to increase our capabilities and our resources for international delivery. This will further strengthen our position as a market leader.”