To view this announcement as a PDF click here
London 03 August 2015: Foresight Group ("Foresight”) is pleased to announce, on behalf of the Boards of Foresight VCT, Foresight 2 VCT, Foresight 3 VCT and Foresight 4 VCT, a £4 million investment in Coventry-based Protean Software Limited ("Protean”) to facilitate its growth plans.
Protean, a knowledge intensive business, develops and sells business management and field service management software for organisations involved in the supply, installation and maintenance of equipment, across sectors including facilities management, HVAC and elevator installation. In addition to the fully featured software suite and associated training, data conversion and integration services, Protean provides ongoing support and maintenance to its customer base. The software solution comprises both desktop software and a mobile variant used on engineers’ Android devices.
With the help of advisers, Portfolio Search, Foresight has introduced experienced software executives Robert Anderson and Stephen Edwards as CEO and Chairman respectively. Robert brings extensive technology experience, most recently delivering a turnaround for an Accel-KKR backed software business and running a division of Sage. Incoming Chairman, Stephen Edwards, has operated successfully in both executive and non-executive roles in over a dozen software companies, overseeing international growth, management development and exit. Robert and Stephen will work alongside three current directors, Chris Morgan (founder), Neil Plumbley (Customer Services Director) and Mike Freeman (CTO), to drive the business forward and execute their exciting growth plans.
James Livingston, Director, Foresight Group, commented:
"With the combination of Robert and Stephen joining the strong current team and Foresight’s backing, Protean is poised for considerable further growth over the coming years. Protean has established strong foundations, with a mature and highly functional product, high levels of customer loyalty and healthy growth. We’re looking forward to working closely with the broadened management team and driving further growth through additional product development and entering new market verticals, domestically and internationally.”
Chris Morgan, Founder of Protean Software commented:
"This is a hugely exciting development for Protean. The opportunities to grow both within the UK and internationally will be greatly enhanced by Foresight’s investment alongside the invaluable experience and expertise that Robert and Stephen will bring. This will help us to take our already successful company on to the next level.
"Core to the company’s progression will be the continuing evolution of an already well established and highly functional software solution. We see this change being great news not only for the Protean, but also its customers and staff.”
Robert Anderson, CEO, Protean Software, commented:
"It is a privilege to join this great organisation during this exciting time. The quality of Protean’s people and technology is unrivalled in the industry. I’m looking forward to building upon Protean’s long history of success and leading this next phase of growth.”
Advisers to Foresight on the deal included:
Financial & Technical Due Diligence – Baker Tilly
Legal Due Diligence – Shakespeare Martineau
Commercial and Operational Due Diligence – Cappco Partners
Management Due Diligence – Catalysis Partners
Director Recruitment - Portfolio Search
For further information please contact:
Annabel Arrowsmith, Foresight Group: 02036678179
Notes to Editors
About Foresight Group
Foresight Group is a leading infrastructure and private equity investment manager, which has been managing investment funds on behalf of institutions and retail clients for more than 30 years. Foresight has £1.5 billion of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs) and Venture Capital Trusts (VCTs).
Further information is available at www.foresightgroup.eu