Software platform, Hicomply, has secured a GBP3 million investment from growth capital investor, BGF.
The technology business enables SMEs to protect business data and effectively manage information security compliance against standards such as ISO 27001 and SOC. Hicomply gives companies the tools to build their information security management system (ISMS), which secures data and reduces risk in the supply chain and the threat of data breaches and associated fines.
The funding will allow the business to accelerate growth through investment in sales and marketing, as well as continuing to develop its technology.
Hicomply, CEO Ed Bartlett, says: “The rapid acceleration of digital transformation in a remote working world and the consequent increased cyber risk has seen data security rising to the top of the agenda for many businesses. We’re ideally placed to support SMEs to improve governance and protect their people, operations, and intellectual property assets.
“We were looking for an investor with a strong track record in our sector but one who also understood our business and could support a clear roadmap to achieve our long-term ambitions. With BGF’s backing, we can accelerate our own expansion and empower more businesses to access our technology, ensuring robust compliance.”
This is the third North East technology investment for BGF in the past 12 months, following its GBP14 million funding for tech-enabled procurement platform, Bloom and its investment in Stockton-based Datum360 last November.
Chris Boyes, an investor in BGF’s Yorkshire and North East team led the deal. He says: “The North East benefits from a rapidly growing tech sector with access to excellent talent because of the universities and global organisations based there.
“It’s fantastic to be backing another innovative business like Hicomply, which is making a positive impact in the region, creating jobs and economic growth, as well as improving the commercial prospects of the UK SMEs that its technology supports. We look forward to working with the team to achieve the company’s growth ambitions.”
Hicomply was advised by Sahil Nayyar and Thomas Brunsnes of Cavu Corporate Finance.
The advisors to the transaction were – BGF: Schofield Sweeney LLP;
Hicomply: Cavu Corporate Finance, Weightmans LLP, and Rycroft Glenton (tax).