Moneypenny bags 'significant' private equity investment
Tech-enabled outsourced communications pioneer Moneypenny has secured "significant investment" from private equity backer ECI Partners in a deal which reportedly values the business at over £100 million.
The Wrexham-headquartered company, which provides telephone answering, outsourced switchboard, live chat and customer contact solutions, said the funding will help drive the next stage of its growth.
The undisclosed investment from ECI will support Moneypenny's plans to grow its turnover by expanding across the UK and US.
The firm boasts a turnover of £33 million and a team of 700 staff across its offices in Wrexham and Charleston, USA.
It handles 15 million calls and chats annually for more than 13,000 clients in the UK and US.
"We've such an exciting time ahead of us; we’re the market leaders, we're growing incredibly quickly, and we continue to innovate, developing new technology such as our AI-enabled switchboards, to help our clients improve the service they offer their customers," said co-founder Ed Reeves.
"That's what makes Moneypenny stand out from the crowd. Today's investment from ECI will enable us to take all of those elements and scale them up even more quickly for both our UK and US businesses."
Mark Keeley, partner at ECI, added: "The combination of market leading technology, a high calibre management team and culture of delivering excellence mean that Moneypenny is a very exciting opportunity which we are delighted to be a part of."
ECI was advised in this transaction by EY, Squire Patton Boggs, EY-Parthenon and Marsh. Moneypenny was advised by GCA Altium, DLA Piper, EY and PWC.