Maven Capital Partners has completed the GBP6 million management buy-out of ProspectSoft to support the roll-out of the new cloud-based SaaS software – Prospect365.
ProspectSoft provides customer relationship management (CRM) and e-commerce software for the business-to-business (B2B) market.
Its technology can be fully integrated with clients’ existing accounting and enterprise resource planning (ERP) packages including systems such as Access Dimension, Exchequer, Pegasus and Sage.
The business will use the funding from Maven to help roll out its new Cloud-based SaaS software application Prospect365. The product was officially launched in December 2016 following several years of development and will benefit existing customers who choose to migrate as well as new customers. Propsect365 will offer clients a range of new compelling features and interface all hosted on a secure Cloud environment.
The overall market is experiencing strong growth with the SaaS based CRM segment growing in excess of 30 per cent per annum.
ProspectSoft solutions streamline business processes such as marketing activity, sales lead capture, pipeline management and forecasting. Its flexible CRM and e-commerce software provides clients with intelligent and actionable data. The real time information generated on customer behaviour provides an insight into patterns and trends which can be used by sales teams to make live decisions on customer accounts.
Andrew Ferguson, partner at Maven, says: “This is an opportune time for Maven to invest in an established software business like ProspectSoft. We are delighted to support the proven management team to deliver their business plan, which is focused on delivering higher levels of recurring revenues.
“The business is capitalising on the high growth CRM market, and following a period of research and development of its new Cloud-based SaaS platform, the software is being rolled out and has already received positive feedback. The level of integration it has achieved with other software packages is a clear USP for the business and this is reflected in the high customer retention rates which ProspectSoft commands. This is another attractive investment for Maven Investor Partners. The strong management team are passionate about the new product, Prospect365, and are highly incentivised to fulfil the business’ growth potential and we look forward to working with them over the coming months and years.”
Andrew Ardron, managing director at ProspectSoft, says: “Maven’s investment in ProspectSoft validates everything we have done to grow the business thus far, but more than that, it gives us the opportunity and impetus we need to make the most of our Prospect 365 platform and ensure we deliver its integration and efficiency benefits to thousands of SME businesses across the UK. Maven is very supportive of our culture, SME focus and our growth plans. We believe this investment will be good for ProspectSoft, our customers and staff, helping us to build a strong and successful future for everyone involved. I, and the other members of the ProspectSoft management team, look forward to this new chapter.”