Fresh £2m investment round will help accelerate growth at Datactics
SPECIALIST investor Par Equity has increased its stake in Datactics, leading an investment of £2 million in the Belfast-based data and analytics software firm.
Par Equity, which supports high-growth early-stage technology businesses, originally invested in Datactics three years ago.
And its latest cash injection will help accelerate growth at Datactics by investing in sales resources focused on London and New York.
The current investment round, which is also supported by other existing investors Kernel Capital and Clarendon, will see Datactics grow to beyond its current payroll of 50 employees and into profitability.
Datactics provides software tools for large scale institutions to manage vast volumes of data, while ensuring they remain compliant with regulations.
Its AI-enabled platform allows staff who are not IT experts to efficiently deduplicate, clean-up and enrich the information in their lines of business.
For businesses that have information spread across many databases, the products enable them to give their customers a better quality, more joined-up service, while reducing their costs.
Datactics' key customer base is highly regulated sectors such as financial services and government agencies and the platform is preconfigured to meet their specific requirements.
Sales at the company - whose offices are at One Lanyon Quay in the city - have grown strongly over the past 12 months and it has won new clients in Amsterdam, New York, and London.
Datactics chief executive Stuart Harvey said: “Businesses today are stating that data quality has never been more important, and we are seeing major investment in data governance worldwide, with firms investing heavily in data management tools for governance.
“Our core strength in the area of self-service data quality and matching is an essential requirement for many firms wishing to identify broken data and fix it.
“Our platform allows companies to centralise the controls necessary for data management but, crucially, federate out the fixing of broken data to subject matter experts – the people who know what good looks like.”
He added: “Par Equity’s backing continues to be extremely valuable to us. Their capital has helped us to develop our award-winning technology platform and to invest in our people, and they have been a strong addition to our board, offering highly insightful and timely guidance to help us accelerate our growth.
“With this new backing from our investors, we’re excited about adding more blue-chip clients and putting people in-market in New York and Tokyo before the end of the year. ”
Aidan MacMillan, investment manager at Par Equity, said: “Datactics has an extremely strong technology platform and some great clients. Its revenues have more than doubled in the last two years and we are confident this growth trajectory will continue.
“Data management tools are increasingly important across all industries. The growth opportunities are very attractive.”