PE Tech Report


Like this article?

Sign up to our free newsletter

PrismTech secures GBP1.5m from Capital for Enterprise Fund

Maven Capital Partners as joint manager of the Capital for Enterprise Fund has made a GBP1.5m investment in PrismTech Group, a provider of high-performance communications software.

The GBP75m Capital for Enterprise Fund is a government backed initiative launched earlier this year to help small and medium size enterprises in the UK gain access to the financial support required to bridge the funding gap caused by the credit crisis.

In April 2009, it was announced that GBP60m from the fund would be allocated to two separate GBP30m funds, one of which is managed by Maven.

A further GBP15m is being managed as a co-investment fund by Capital for Enterprise Fund Managers.

PrismTech’s two highest-growth product lines, Spectra and OpenSplice, address the needs of systems and equipment providers who provide high-performance communications solutions to markets with advanced and demanding IT systems such as defence and aerospace, transportation, telecommunications and finance.

PrismTech was recently selected for Wind River’s (a subsidiary of Intel) prestigious Partner Validation Program. PrismTech is the only specialist platform vendor selected for this programme operated by the world’s largest real-time operating system vendor.

PrismTech’s executive chairman David Cairns says: “The growth opportunity in front of PrismTech is clearly identified, large, and supported by significant competitive advantage and partner endorsement. We obviously want to fully exploit this excellent opportunity and so we are pleased to partner with Capital for Enterprise to help provide the financial resources we need to reach our full potential.”

Dr David Milroy, fund manager at Maven, adds: “PrismTech is a high-growth, sophisticated global technology business with a impressive blue chip client base, the senior management team, led by David Cairns, have exciting plans for the business and Maven is delighted to be able to provide this investment from the Capital for Enterprise Fund to help the team achieve their strategic vision. This again demonstrates the value of the Capital for Enterprise Fund in supporting ambitious UK businesses like PrismTech.”

Like this article? Sign up to our free newsletter