Bosses at STC Insiso, the Aberdeen-based business performance and technology specialist, are celebrating a £2 million cash injection from BGF.
The financial boost has already resulted in the creation of three new product development jobs, and further recruitment is expected to continue this year.
Appealing offer
STC Insiso chief executive Mark Rushton said BGF’s “investment proposition” was particularly attractive for two reasons.
He added: “Firstly because of their strong track record of supporting innovative Scottish businesses, and secondly because of their people who gave us immediate confidence and were culturally aligned to our team from day one of the journey.”
The funding deal to support STC Insiso and its growth plans was spearheaded by BGF investor Keith Barclay, who splits his time between offices in Aberdeen and Edinburgh.
Mr Barclay said: “STC Insiso has an impressive software product portfolio which has proven invaluable to professionals in a wide range of industry sectors.
“The team’s bold ambitions have been evident in each of our interactions, and I look to working in partnership with them to see these materialise.”
STC Insiso was created in 2021 through the merger of STC Global, which was already helping client firms improve their performance, and software development services firm Insiso.
The enlarged company provides business performance improvements through the smart integration of different software.
STC INSISO has acquired the intellectual property and software of COMET Signals, a product co-created through a joint venture partnership with @lloydsregister. Read the full article: 👇 https://t.co/PPG2ok9cWL #healthandsafety #ArtificialIntelligence #MachineLearning pic.twitter.com/Po0EDpVs2H
— stc insiso (@stcinsiso) October 18, 2022
Its activities span software development, project management, health and safety, and a variety of other business performance improvement services.
The company’s products are widely used across the oil and gas, construction, marine and utility sectors, among others.
Its flagship Comet incident investigation, prevention and root cause analysis system is to have an accelerated roll-out following BGF’s investment.
STC Insiso has an impressive software product portfolio which has proven invaluable to professionals in a wide range of industry sectors. The team’s bold ambitions have been evident in each of our interactions.”
Keith Barclay, investor, BGF
STC Insiso’s revenue totalled £4m in 2022 and the annual figure is predicted to grow significantly over the next two to four years.
As of April 2022, shortly after a move to new headquarters on Waterloo Quay, the headcount stood at nearly 30.
Latest in busy year for BGF
Arrash Nekonam, chief technology officer at the firm, said: “Our overall objective is not only to grow vertically, but to maintain our track record of consistently delivering for our clients across a range of industry sectors as demand for our software solutions continues to increase.
“We are delighted that BGF will embark on this journey with us.”
BGF – backed by some of the UK’s biggest banks – takes minority, non-controlling, long-term equity stakes in the businesses it invests in.
Its latest deal follows a busy year of investments and exits.
Activity during 2022 included an £8m investment – alongside the Scottish National Investment Bank – in Aberdeen-based biopharmaceutical firm Elasmogen.
And BGF also reported a “highly successful” exit from Granite City-based cloud technology business Inoapps.
Conversation