The Central Region Corporate Finance team from international accountancy firm Mazars has helped put together a £2.5 million finance package from the Business Growth Fund for Milton Keynes software company Celaton.
The aim is to go for growth with Celaton looking to increase sales in both the public and private sectors.
Stephen Harris, corporate finance director at Mazars, said: “This is a truly go-ahead SME with big ambitions.
“We were very pleased to be able to work with Celaton to help them obtain this new cash injection and secure their future. Successful entrepreneurial businesses like this will always appeal to investors.”
Mazars also carries out audit and tax work for Celaton.
Founded in 2004 by Andrew Anderson and Gary Grant, it was created through the management buyout of Redrock Technologies from Netstore plc and the subsequent acquisition of DG Tech Ltd.
The company’s inSTREAM™ software automates the handling of customer correspondence, financial documents, employee records, legal matter, insurance claims and more beside, areas that are day-to-day operations for most firms. Coming predominantly from the retail, travel, insurance and professional services sectors, customers include Asos.com, Carphone Warehouse and TalkTalk.
Celaton employs over 60 staff across three locations – head office in Milton Keynes and two document process outsourcing centres in Southampton and Wigan.
In its financial year to June 2012 the company delivered revenues of £2.2 million.
Mr Anderson, Celaton’s chief executive, said: “We’re keen to maximise our growth in our core sectors and penetrate further into the public sector where we know there is a significant need to improve productivity and reduce costs.”
Tim Whittard, investment director, who has joined the board as a BGF representative, said: “Celaton has a strong pipeline of prospects. We are convinced that it is a company with huge growth potential and ready to take on expansion capital in order to take the business to the next stage.”
The Central Region for Mazars encompasses offices in Birmingham, Nottingham and Milton Keynes.
Nick Johnson, Mazars corporate finance partner in the region, said: “Mazars are delighted to be working with such an exciting company in the region and we are confident BGF will prove to be a great investment partner.”
Tim Bittleston, who was also introduced to the company via BGF, becomes chairman.
Other advisers on the deal included Wragge & Co, HMT Corporate Finance and Shoosmiths.
