Software analytics start-up Concorde Solutions raises $2.5m

Concorde Solutions, a tech company that sells a leading software compliance and analytics tool for businesses, today announced it has raised $2.5m from a group of technology investors.

Founded in 2007, Concorde has built a Software-as-a-Service (SaaS) product, Core Control, which allows users to audit the state of their software licenses across multiple IT platforms, in addition to providing detailed analytics to drive process efficiency and cost control.

The $2.5m backing was led by private equity firm JMI Services, with input from previous investors Panoramic Growth Equity and Elderstreet.

The investment will be used to further develop Concorde’s product suite, expand its geographic coverage, and invest in a sales drive.

In addition to the investment, experienced tech investor and founder of private equity firm JMI Equity Charles Noell will join the Concorde board as part of the deal.

Martin Prendergast, chief executive of Concorde Solutions, said in a statement: ““We welcome Charles’s appointment to the Board and look forward to working with him particularly given his track record at JMI Equity, ServiceNow and other software companies.

“His experience and strategic insights will be invaluable as we plan for continued growth and expansion.”

David Wilson of Panoramic Growth Equity, who sits on the Concorde board, said: “This additional investment from Panoramic highlights our desire to continue funding businesses that we back along the growth cycle.  The investment by JMI is an extremely positive recognition of the growth that Concorde has achieved since our investment as well as the development of its product suite.

“We will continue to support Concorde through our involvement on the board and look forward to working with JMI as the company broadens its geographic reach and continues to expand its operations.”