21st Apr 2020 - 5:16pm

Maven completes GBP2.5m investment in SaaS company

Submitted 21/04/2020 - 5:16pm

UK private equity house Maven Capital Partners has completed a GBP2.5 investment in Precursive, a maker of business management software. 

This investment by Maven will allow Precursive to pursue an ambitious growth strategy in both the UK and USA, including funding further product development and expanding its sales and marketing teams.

Founded in 2011, Precursive is a strategic partner of Salesforce, the world's largest provider of customer relationship management software. The company helps businesses in the agency, consulting, technology, and professional services sectors operate more efficiently by automating 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.

Skill resourcing is one of the main operational issues for businesses, with the ability to 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, but Precursive aims to modernise this process and increase efficiency with its cloud-based project management tools.

Julie Glenny, investment director at Maven, says: “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 and CEO of Precursive, adds: "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 and CTO of Precursive, comments: "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.”

Tags Deals & Transactions Investments