Panoramic Growth Equity and Elderstreet are being joined by JMI Services as equity investors in technology business Concorde Solutions.
The freshly-backed business provides business analytics for managing software compliance, vendor performance and spend with a view towards recurring costs, mitigating risk and changing business processes.
With $2.5 million (£1.5 million) of new funds in the bank, Concorde will begin to grow its geographic coverage and sales programmes alongside product investment.
Martin Prendergast, CEO of Concorde Solutions, comments, ‘This new funding will allow us to bring new innovation to market faster, as well as grow our direct and channel strategies with extended geographical reach.
‘We are seeing a dramatic increase in interest from customers and the market, especially in areas such as managing migration of software contracts to cloud services and monitoring cloud vendor performance.’
As part of the investment deal, JMI Equity co-founder Charles Noell is joining the board of Concorde Solutions. Since establishing in 1992, JMI Equity has backed 110 companies.
Existing backer Panoramic Growth Equity, which led a previous £1 million round in November 2011, was the 10th Enterprise Capital Funds when it set up in 2009. Panoramic was joined by Elderstreet and the company’s management team in 2012 when further capital was injected.
The investment firm has also backed the likes of Solfex Energy Systems, Dog Digital and Captify Media.
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Prendergast adds, ‘The latest version of our Core Control software asset management platform was met with overwhelming acceptance with customers lauding the simple deployment, ease of management and enhanced analytics. From this we have built a strong pipeline and look forward to significant growth over the next year.’
