Sharktower acquired by Proteus in £10m deal
Sharktower, the Edinburgh-based software company, has been acquired by Cambridge consultancy business Proteus in a £10 million deal.
Proteus has worked with the BBC and the Department of Justice, and the purchase will deliver a multi-million pound windfall for Sharktower’s founders, Craig Mackay and Lynsey Taylor.
Other investors who have backed the two-year-old business includes angel investment group Equity Gap which said the sale was “an excellent outcome for the founding team and our investors in Sharktower.
“Equity Gap is particularly pleased to see Lynsey become our first female founder to achieve a successful exit, demonstrating the value of diversity in leadership teams.”
Sharktower’s software automatically tracks a business’s activities and alerts managers when targets are not being met. Its clients include energy company BP and a number of firms in the recruitment, education and retail sectors.
Last summer it raised £400,000 in a seed round led by Equity Gap and backed by Scottish Enterprise and appointed Gordon Cooper as chairman. He set up VisionWare and led it to a successful exit.
Craig Mackay, co-founder and CEO of Sharktower, said: “We’re proud to join forces with Proteus to become the only platform dedicated to continual data-driven business change. There is a strong cultural and ideological fit, and we’re confident that by combining our technology, data, and codified expertise the business will go from strength to strength.”
Proteus, which was founded in 1999, hopes the deal will help it fulfil its aim of working with half of the FTSE 350 by 2025.
The company’s CEO Jason Sahota has overseen top line growth of Proteus’ client base by 35% and doubled the business’s headcount.
With this acquisition he aims to extend its remit further across financial services, government, and the public services sector, targeting FTSE100 corporates, NGOs, and private equity firms as well as high growth scale up businesses.
Proteus intends to work with at least half of the FTSE350 by 2025, helping firms build out their own change and transformation capabilities and, in turn, fuelling the insights that power the Proteus data eco-system.