the UK’s most active growth capital investor – has completed a multi-million-pound investment for a minority shareholding in Engineering Information Management (EIM) software company, Datum360, to accelerate growth and address significant market demand.
Datum360’s software platform connects disparate systems, providing a trusted data backbone which manages the life cycle of critical engineering and asset management data for a range customers from the fields of energy, mining, utilities, road and rail infrastructure.
The business has a large footprint of oil and gas projects in Scotland, and counts Aberdeen companies such as BP, Total, Neptune, Sword IT Solutions and Serica Energy PLC among its blue-chip customer base.
The fast growth technology company was founded by CEO Steve Wilson, alongside Aberdeenshire-based CTO Dave Mitchell and CFO James Michael. The management team have a combined 50 years’ experience working within large engineering and design firms where they cultivated a deep understanding of data management in major capital projects.
The pioneering company has operations in Aberdeen, the North East of England and Australia, with plans to open a US base in 2021. It has a global reach and is undertaking projects in North America, Europe, Asia and Australia.
BGF’s investment will help to unlock its expansion and allow the business to build on the fast growth it has experienced to date.
Commenting on the investment, CTO Dave Mitchell says, “Datum360 has built a reputation for delivering, at speed and globally, our cloud based Connected Data platform for Engineering Information. Working with energy, mining, utilities and infrastructure clients, we are excited to see the demand for data become more distinct and more urgent. Our capability delivers the critical data foundation and backbone which underpins our clients evolving approach to BIM and building and maintaining their Digital Twins.”
“BGF’s investment team and their expertise in supporting the scale-up of technology businesses like ours is invaluable to the next stage of our growth. Having first met BGF in September this year, we have been impressed with the pace to get the deal to completion. The BGF team were quick to understand our business and market opportunity and we look forward to working together to achieve our shared ambitions,” Mitchell adds.
Chris Boyes from BGF led the deal. Chris says, “Datum360 is a fine example of a market-leading business which has significant global potential. With the growth plan and opportunity for the business clear, we were able to deploy capital very quickly. We recognise that business owners are trading in a very tough economy and we believe that equity investment can be a solution for supporting progressive entrepreneurs’ growth ambitions, as well as playing a vital role in driving economic recovery.”