Teesside tech firm to tap into new global markets with multi-million pound investment
A North East engineering tech firm has secured multi-million pound funding to support its ongoing international growth.
Growth capital specialist BGF has completed an investment for a minority shareholding in Engineering Information Management (EIM) software company Datum360.
Based in Teesside, Datum360 uses its self-developed software platform to allow firms to connect disparate systems, providing a data backbone which manages the life cycle of critical engineering and asset management data.
The company has amassed a range of clients across the fields of energy, mining, utilities, road and rail infrastructure, with projects ongoing in North America, Europe, Asia and Australia.
As part of its ongoing international growth, the firm - which already has offices in Australia - plans to open a US base in 2021.
Datum360 CEO Steve Wilson commented: “Datum360 has built a reputation for delivering, at speed and globally, our cloud based Connected Data platform for Engineering Information. Working with energy, mining, utilities and infrastructure clients, we are excited to see the demand for data become more distinct and more urgent.
“BGF’s investment team and their expertise in supporting the scale-up of technology businesses like ours is invaluable to the next stage of our growth. Having first met BGF in September this year, we have been impressed with the pace to get the deal to completion.
“The BGF team were quick to understand our business and market opportunity and we look forward to working together to achieve our shared ambitions.”
Chris Boyes from BGF added: “Datum360 is a fine example of a North East business with a market-leading product which has significant global potential.
“With the growth plan and opportunity for the business clear, we were able to deploy capital very quickly. We already have a number of successful investments in the North East and are looking to back more businesses in the region.”
“We recognise that business owners are trading in a very tough economy and we believe that equity investment can be a solution for supporting progressive entrepreneurs’ growth ambitions, as well as playing a vital role in driving economic recovery.”
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