Business Growth Fund (BGF) has backed Cardiff-based software consultancy DevOpsGuys to the tune of £3m.
Founded in 2013 the company, which helps businesses deliver software in a more efficient way, will use the funds for ambitious expansion plans.
In five years, the business has grown to a team of 63, based in Cardiff and London, with revenues of more than £7m.
Clients range from small and mid-sized companies to companies such as BAE Systems, Admiral, Fitness First and ASOS
BGF’s initial £3m investment will be used to open new regional offices, bring on board more sales and marketing staff and increase its consultancy and engineering teams to boost capacity as it takes on more work.
“The past five years have been incredible: we’ve employed a talented and ambitious team, worked on fantastic projects with industry leading companies and established strong partnerships,” said DevOpsGuys chief executive James Smith.
“There is a significant opportunity to accelerate our growth plan by expanding the team and broadening our service offering – BGF’s backing means that we can do this at a much faster pace than we would otherwise have been able to do.
“The launch of the BGF Wales office and the investment in DevOpsGuys is a wonderful example of the thriving tech sector we have in Wales and cements Welsh tech firmly as a key part of Wales’ future economy.”
The investment was led for BGF by Alex Garfitt, Edwin Davies and Dan Tapson.
BGF’s Alex Garfitt said: “Under the leadership of James, Steve and the management team, DevOpsGuys have achieved a huge amount in a relatively short space of time.
“They have focused on cementing their leading position and reputation in a specialist market, and as such have built solid foundation to scale up further.”
Edwin Davies of BGF added: “We’re delighted that this is our first investment in Cardiff since we announced the opening of our permanent base in the city, a move that we hope will enable us to provide funding to a greater number of ambitious Welsh companies to support their growth plans.”
The BGF was established in 2011 to provide small and mid-sized business with equity investments ranging from £2m to £10m.