Scottish Equity Partners (SEP) has completed a significant growth equity investment in Glasgow-based firm AutoRek, a leading provider of financial control, regulatory reporting and data management software. 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.
The drive for greater integrity, transparency and accountability within the financial services sector has led to increased regulation of financial institutions and growing demand for AutoRek’s financial control and regulatory reporting solutions. AutoRek’s software automates high-volume reconciliation, exception management and data analysis workflows, delivering operational efficiency and improved governance of financial and regulatory risk. Partnering with SEP will support the company to further enhance its proposition to address a $2 billion plus per annum global regulatory and data management software market.
The deal was led by SEP Partner Andrew Davison and Angus Conroy, a Director at the firm. Both will join the AutoRek Board. Angus said: “AutoRek is a fast growing and capital efficient SaaS company, delivering business critical functionality to financial institutions across the asset management, banking and insurance sectors. The company has an excellent reputation in the financial and regulatory data management market and a strong focus on product innovation. 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: “We are delighted to have SEP on board as an investment partner to continue the successful evolution of the AutoRek business. 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.”
Headquartered in Scotland, AutoRek employs more than 85 people across its Glasgow, Edinburgh and London offices.