Maven Capital Partners completed a 2.5 million pound ($3.1 million) investment in Precursive, a software company that allows clients to manage business processes on a single platform. Maven’s investment will allow Precursive to pursue a growth in the UK and US, including further product development and expanding sales and marketing.
Maven Capital Partners (“Maven”), one of the UK’s most active private equity houses, today announces that it has completed a £2.5m investment in Precursive, a software as a service (SaaS) company which allows clients to manage a wide range of business processes effectively on a single, easy-to-use platform.
Founded in 2011, Precursive is a strategic partner of Salesforce, the world’s largest provider of customer relationship management (CRM) software. The company helps businesses in the agency, consulting, technology and professional services sectors operate more efficiently by automating admin-heavy and time-consuming processes such as resource management, project planning, accounting, forecasting, reporting and client onboarding. Precursive is based in London but has a presence in the USA, Spain and Poland, as well as a growing list of blue-chip clients including GoCardless, Mitel, GoCardless, SES and Vidyard.
The company’s innovative cloud-based software solution can be tailored towards a business’ specific needs and installed seamlessly alongside existing CRM sales systems, allowing clients to deliver shorter onboarding timelines, cut down on client churn by boosting customer experience, and reduce time-to-value rates. The end result for clients is increased operational efficiency and ultimately greater profitability.
Skill resourcing remains one of the main operational issues for businesses in every sector of the economy, with the ability to accurately manage and measure staff capacity against utilisation being crucial for the profitable delivery of services. Many business leaders and project managers still use Excel spreadsheets to forecast capacity issues, often leading to inefficient workforce management and poor allocation of skills. Precursive cloud project management tools modernises this process and drives efficiencies throughout a business.
This investment by Maven — following a highly-competitive process — will allow Precursive to pursue an ambitious, comprehensive growth strategy in both the UK and USA, including funding further product development and expanding its highly-qualified sales and marketing teams, which will in turn help the company grow its channel partner ecosystem.
Julie Glenny, Investment Director, Maven, said: “Precursive has built a strong market position, and its state-of-the-art platform provides clients with an all-in-one onboarding and resourcing solution that streamlines operations across the board. Now more than ever, businesses are thinking about how they can improve profitability by becoming more efficient, and tech-driven companies such as Precursive are leading the way in changing the way companies work. The management team impressed us from the outset, as did their ambitious plan to grow and develop the business.”
Jonathan Corrie, Co-Founder & CEO of Precursive, added: “Our mission is to help our customers around the world to scale. Customer onboarding and capacity planning are critical workflows for any tech or services business. We’re delighted to work with Maven, especially given our shared vision for the long term future of work. They stood out as they understood our strategy, values and how we continue to enable customer success.”
Andy Mahood, Co-Founder & CTO of Precursive, commented: “Partnering with Maven helps us scale by growing the team and our product offerings to further serve the needs of our customers. They recognise the role Precursive plays in helping some of the world’s best companies to see success faster. We’ve found an investor that is excited about the opportunity to change the way companies onboard their customers, manage their people and grow services businesses.”
About Maven Capital Partners UK LLP www.mavencp.com / @maven_cp
Maven Capital Partners UK LLP (Maven) is an independent private equity house focused on the provision of flexible equity and debt funding for UK SMEs, and one of the most active managers in the UK having invested around £500 million in British businesses since 2009.
Headquartered in Glasgow, and with eleven offices throughout the UK, Maven has over 90 investment and support professionals providing a truly nationwide coverage. Maven has £660 million funds under management and ready to invest, and manages assets for a variety of client funds, including Venture Capital Trusts, UK regional fund mandates, and Maven Investor Partners, a syndicate of institutional, family office and experienced investors.
About Precursive – www.precursive.com
Precursive helps forward thinking companies to see success faster. Founded in 2011 and headquartered in London, the company’s cloud-based software enables growth through improved customer onboarding and capacity planning.
Precursive serves both small businesses and large enterprise across the agency, consulting, high tech and professional services sectors, with customers including GoCardless, Mitel, SES and Vidyard. The company is also a strategic Salesforce partner, the world’s largest provider of customer relationship management (CRM) software.
In late 2019 Precursive merged with Taskfeed, #1 app for customer onboarding; the combined platform helps technology and services companies to scale.
For more information contact Robbie Burnell at email@example.com