Reading based Invenio secures further £12 million to grow following merger with US business
Reading-based systems, applications and products (SAP) consultancy Invenio Business Solutions has secured a further £12 million of funding from BGF to merge with US-based LSI Consulting.
Invenio is a global provider of SAP enterprise solutions and consultancy for the public sector focused on tax and revenue management and for the private sector focused on media and entertainment, manufacturing and pharmaceutical domains. LSI Consulting is a leading provider of SAP enterprise solutions to government, utility, healthcare and educational institutions.
In 2019 Invenio secured investment from BGF – the UK and Ireland’s most active investor – to support continued growth. To support the merger with LSI Consulting, Invenio has now announced a further £12 million follow-on funding from BGF.
Invenio has a strong presence in Europe, the Middle East and Asia Pacific, while LSI has a strong position in the United States and Canada. Both companies are of similar size, with proforma revenues for year ending 31st March 2021 expected to be north of $100 million.
The aim of the newly merged organisation is to be a key SAP partner for public services. Customers will benefit from end-to-end business solution and service portfolios to help them maximise the value of their digital transformation and reach success faster in the public sector. Invenio will now accelerate growth in North America.
The new business will operate as a single entity while maintaining its respective brands. The Invenio Board of Chairman Geoff Neville, Group CEO Arun Bala, CFO Steve Coxhead and BGF Investor Alex Snodgrass will be joined by CEO of LSI Steve Roach.
Arun Bala Group CEO of Invenio said: “Our growth is driven by a vision to be recognised as one of the best technology consulting companies in the world in our chosen domains and markets. Our aspiration is to deliver our unique offerings for the public sector focused on tax and revenue management and for the private sector focused on media and entertainment, manufacturing and pharmaceutical domains to customers across the North American market, establishing a global footprint and achieving significant growth.
"We’re delighted to join forces with LSI, a well-respected SAP based provider in public services with a track record of delivering success in the North American market."
Steve Roach CEO of LSI added: “Public services are in a period of revolution, where truly breakthrough digital transformations are being conducted at a breadth and pace like never before. Invenio is a highly regarded player in the tax and revenue management space and shares our commitment to solution-oriented customer partnership and a superlative customer experience."
Alex Snodgrass, investor at BGF, said: “Invenio is a fantastic, fast-growing business which has created a market-leading position. The merger with LSI, which has been supported by an additional £12 million in follow-on funding from BGF, is an exciting step for both businesses, and represents the next step in their exciting expansion plans. We look forward to working with Steve Roach and the team at LSI and to continue supporting the newly merged organisation as it moves to its next phase of growth.”
Invenio and LSI’s customers include some of the largest global public enterprises, as well as the world’s top media, manufacturing, and pharmaceutical brands. The combined entity boasts 1,000+ employees with offices across four continents.
