Texthelp, an international education and corporate software provider has secured a significant investment from mid-market private equity investor LDC to accelerate its growth plans and further develop its software proposition.
Texthelp is a fast growing international business with an established and loyal customer base across the Americas, Europe, Middle East and Australasia. The firm employs 165 staff across its headquarters in Belfast, UK and offices in Boston, USA and Brisbane, Australia.
Texthelp has developed a number of software products including Read&Write, EquatiO, Browsealoud and WriQ which are used in both the education and corporate sectors to help students and employees with reading, writing and numeracy difficulties including those with dyslexia or working in a second language. Current customers include some of the largest school districts in North America and Australia, as well as Fortune 500 organisations. The company partners with the world’s leading technology brands including Google, Microsoft and Apple to deliver solutions that work across all major mobile, tablet and computer operating systems.
The business currently generates revenues of GBP19 million with the majority from the North America market where Texthelp has a significant and growing presence. The firm also recently launched its services in the Middle East and South America with localised products translated into Arabic and Spanish. Having successfully transitioned to a software as a service (SaaS) business model, the business now benefits from both high recurring revenues and strong market growth in the global EdTech market.
LDC’s partnership with Texthelp will support the management team to realise clear growth opportunities in new and existing markets as well as driving new product development, particularly pertaining to the growing market for data analytics. The deal marks a significant return for Delta Partners who have supported the business from its earliest days as a start-up and through its various growth stages.
LDC is backing Texthelp’s existing management team led by CEO Mark McCusker, CTO Martin McKay and CFO Seamus Scullion. David Gilbertson will join the board as Non-Executive Chairman alongside LDC’s Steve Aston and Joseph Fison, who led the deal and were supported by Dan Gluckman. David has previously been CEO at EMAP and Informa as well as working with a number of private equity backed businesses including FC Business Intelligence.
McCusker says: “Texthelp was founded on our vision of a world where difference, disability or language are no longer barriers. With LDC’s help we can further our commitment to helping unlock everyone’s full potential.
“This partnership gives us the added resources and expertise to bring our services to more organisations across the globe. LDC has a longstanding reputation of supporting technology firms and we look forward to working alongside their team during the next phase of our journey.”
Steve Aston, Director at LDC, adds: “Texthelp is widely recognised as the market leader in its space based on its advanced products and global presence. Assistive technology not only helps people feel more confident but can also aid productivity. We are looking forward to working with Mark and his first-class team to bring Texthelp’s services to more people worldwide and continue to improve products to provide a best-in-class customer experience.”