Provider of cloud-based software bags £3m
A Cambridge provider of cloud-based software whose client base includes over 30 local authorities has secured a £3m investment.
Arcus has developed a software-as-a-service (SaaS) platform that allows councils and other public sector organisations to transform end-to-end service delivery in areas including digital transactions, planning, building control and waste management.
The company, founded in 2009 by chief executive Denis Kaminskiy and CTO Lars Malmqvist, now employs over 100 staff and expects to generate revenue of more than £13m this year.
Funds advised and managed by YFM Equity Partners have backed a £3m investment into Arcus, which will be used to support the business' continued growth, building resource in technology development, sales and customer service.
Kaminskiy said: "I am incredibly pleased do have raised this growth investment from YFM. We ran a thorough and competitive process, and they have been a joy to work with so far.
"Of course, our exciting journey is just beginning, and I am looking forward to YFM's expertise, advice and support. Our customers desperately need help, and this funding will allow us to improve and accelerate every part of our business."
Arcus' client base includes over 30 local authorities such as Eastleigh Borough Council, Mid-Sussex District Council and Aylesbury Vale District Council.
The infrastructure team serves more than 100 public and private sector clients, including Central Government, universities and large businesses.
Charlie Robinson and Andy Thomas led the investment for YFM.
Robinson said: "Denis and his team have done a fantastic job in building the company and we are delighted to be working with Arcus to support their continued growth over the coming years.
"They have developed an enviable reputation for their innovative approach and we believe their solutions will fulfil an important role in helping public sector organisations drive efficiencies and to adapt to the changing digital landscape."
YFM’s legal advice was provided by Chris Reed at Gateley plc, commercial due diligence by Matt McNally of Armstrong TS, and organisational review by Anna Cornwallis of Stratton HR.
Marc Shaw (RPL Mergers) acted as financial advisors to Arcus, and Allison Keyse of Mischon de Reya provided legal advice.