The funding from ECI will be used to continue Fourth’s growth internationally, finance new product development and fund new bolt-on acquisitions. Fourth was founded in 1999 by restaurant entrepreneurs Derek and Edwina Lilley, who remain investors.

The amount invested in the software-as-a-service business, which is led by managing director Ben Hood, has not been disclosed.

Fourth operates in 20 countries, including the US, Russia, Germany and South Africa, and clients include Pizza Express, Fuller’s, and Hilton hotels. According to a statement from the firm, revenues in the year to August 2010 rose by 17 per cent.

David Ewing, partner at ECI Partners, says the firm had been targeting Fourth as an investment for some time. He adds, ‘ECI is a growth investor and we look forward to helping the company to continue to grow across the globe.’