Crowdcube has bought business reporting software company Supdate.

The acquisition is part of Crowdcube’s strategy of developing an ecosystem of services for entrepreneurs and investors using its equity crowdfunding platform.

The terms of the acquisition were undisclosed.

Supdate provides businesses with a platform to create, share and monitor company news and updates on performance with its shareholders.

Founded by Duane Jackson, the founder and former CEO of KashFlow, a cloud-based bookkeeping software developer, Supdate has been used by hundreds of businesses since it launched in 2015.

“Crowdcube has funded over 600 companies, averaging 350 investors each and so ensuring businesses can easily connect with their shareholders to keep them updated is really valuable to our investor community,” said Darren Westlake, co-founder and CEO of Crowdcube.

“We’ve been fans of Supdate for a long time, and when we recently began talking with Duane in more detail, it quickly became obvious that Supdate would be a natural fit for Crowdcube and our growing Funded Club.”

Jackson added: “Collaborating with a crowdfunding platform is an obvious route to market for Supdate, which is why I why approached the best in town – Crowdcube.

“Conversations about how we could work together quickly progressed to Crowdcube’s acquisition of Supdate, given their focus on connecting companies with their shareholders.

“Entrepreneurs are in safe hands with the team at Crowdcube and I’m pleased that Supdate will now be made available to more people through the work they do.”

Crowdcube will give its alumni of over 600 funded businesses access to Supdate, as well as providing ongoing access to Supdate’s existing customer base.