Hello Soda welcomes £4m private equity deal
Big Data analytics firm Hello Soda has bagged a £4 million investment from NVM Private Equity following “exceptional sales growth” in the last year.
The investment will enable the Manchester-based business, which also has offices in the US and Thailand, to continue its global growth plans and raise the profile of its high-tech offerings.
Hello Soda specialises in providing advanced text analytics software solutions to customers across six continents.
The company’s multilingual analytics software, PROFILE, is used to verify identities and detect fraud, assess risk and increase financial inclusion. It also personalises the user experience by delivering insights that traditional data doesn’t cover.
Led by chief executive James Blake, the business has grown rapidly since its launch in 2013 and currently has customers operating in countries as widely spread as the UK, USA, Mexico, Australia, Spain and South Africa.
"NVM are a great cultural fit for us and it’s fantastic to work with a team that truly share our values and vision of a more inclusive digital world," Blake said.
"Working with NVM will enable us to really ramp up our global growth to better support our existing and prospective clients and we’re very excited to see the impact that our innovations will have."
Liam May, investment manager of NVM Private Equity, added: "Hello Soda already has a strong market position and great growth potential across a number of sectors and geographies. With the capital to pursue its ambitions now in place, combined with leading, innovative technology and a young, entrepreneurial management team, this is an extremely exciting time for the business."
The transaction is being jointly funded by NVM Private Equity alongside an additional £1.5m venture debt facility from Clydesdale and Yorkshire Bank's Growth Finance team.
Hello Soda was advised on the deal by law firm Hill Dickinson and Dow Schofield Watts Corporate Finance and Pinsent Masons were legal advisers for NVM.
Nick Edgar and Usman Ali led the deal for Clydesdale Bank with DLA Piper providing legal counsel to the bank. Due diligence to the transaction was provided by Grant Thornton, Intechnica, PMSI, The Quinn Partnership and Aon.
Enjoy extra content and interactive videos in the interactive digital magazine below