SEP backs software firm AutoRek’s product plans
Gordon McHarg: “building on recent growth
Scottish Equity Partners (SEP) has completed a significant, but undisclosed, growth equity investment in AutoRek, a provider of financial control, regulatory reporting and data management software based in Glasgow.
AutoRek’s cloud-based software as a service (SaaS) platform has experienced significant growth in the past three years and investment from SEP will enable the company to accelerate its product development plans and further extend its offering internationally.
It employs more than 85 staff across its Glasgow, Edinburgh and London offices.
Partnering with SEP will support the company’s focus on a global market worth $2 billion a year.
The deal was led by SEP partner Andrew Davison and Angus Conroy, a director at the firm. Both will join the AutoRek board.
Mr Conroy said: “AutoRek is a fast growing and capital efficient SaaS company, We are pleased to be working with the management team to help them achieve their growth ambitions.”
Gordon McHarg, co-founder and CEO of AutoRek said: “SEP has extensive experience in the software sector and we are looking forward to working with them to build on our recent growth and to capitalise on the substantial opportunity within the global financial services market.”