Proventeq poised to expand after multi-million-pound BGF investment
Proventeq, the digital firm, which has an office in Reading, has secured a multi-million-pound sum from UK and Ireland growth capital investor BGF, which is set to drive further company growth in the UK, USA, Europe, and the Middle East.
The funds will also boost Proventeq’s offerings in Enterprise Content Management (ECM) modernisation, Intelligent Information Management, and AI-led innovation.
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Proventeq was founded in 2007 and is owned by its three founding shareholders - CEO Nitin Mahajan, CTO Rakesh Chenchery, and CCO Balu Herbert. It has a global customer base in over 30 countries.
Mahajan said: "As companies look to modernise their legacy systems and ensure regulatory compliance, robust data management and governance becomes essential.
"Our goal is to help organisations establish strong foundations with secure and modernised data platforms, enabling them to harness the power of AI and automation.
"With significant opportunities in the market, we’re delighted to partner with BGF as we expand and further develop our proposition."
Guy Pope, investor at BGF, added: "With more focus than ever on AI and compliance globally, there is a critical need for experienced tech enabled consultancies in this area.
"Proventeq is an exciting tech business operating in a market with strong growth dynamics. The company has a highly experienced, technical management team with an impressive blue-chip client base. We look forward to supporting the business and working alongside Tim Wallis as we look to scale the business in the future."
Wallis will join the Proventeq board as non-exec chair following an introduction from BGF’s Talent Network. He is the former CEO and founder of Microsoft Partner and SharePoint consultancy Content and Code.
The latest investment from BGF follows a number of recent deals within the Thames Valley region, including a £16.5 million investment in Bournemouth-based advice-tech provider Twenty7tec, in September.
The investment was led by Guy Pope, investor in the BGF Reading office, supported by Harry Kernick, Georgie Stratton and Alex Garfitt.
Advisors included: RSM (Financial DD), Claritas Tax (Tax DD), SBR Consulting (Sales DD), Confidas People (Management DD), Apex Group (ESG DD), Field Seymour Parkes (BGF legal advice), Trowers & Hamlins (Proventeq legal advice) and Equiteq (CF Advisor).
