Aberdeen-headquartered problem-solving company, STC INSISO, has announced a £2 million investment from BGF to support a growth strategy focussing on the company’s ever-evolving suite of software products.
STC INSISO’s products, which span culture, safety, and solutions to improve business processes and performance are already widely trusted and used across industries including oil and gas, construction, marine and utilities. Its COMET software platform, which will now receive an accelerated roll-out following BGF’s investment, generates high quality input data to identify systemic risk and gives users a solid foundation for making sound decisions to ensure future incident prevention.
STC INSISO’s annual revenue for 2022 was £4 million and that figure is predicted to grow significantly over the next two to four years. The investment has already resulted in the creation of three new product development positions, and further recruitment will continue this year.
Mark Rushton, CEO at STC INSISO, said: “BGF’s investment proposition was particularly attractive to us for 2 reasons; firstly because of their strong track record of supporting innovative Scottish businesses, and secondly because of their people who gave us immediate confidence and were culturally aligned to our team from day 1 of the journey.”
Arrash Nekonam, Chief Technology Officer at STC INSISO, said: “Our overall objective is not only to grow vertically, but to maintain our track record of consistently delivering for our clients across a range of industry sectors as demand for our software solutions continues to increase. We are delighted that BGF will embark on this journey with us.”
The deal was led by Keith Barclay, an investor based between BGF’s Aberdeen and Edinburgh offices.
Keith said: “STC INSISO has an impressive software product portfolio which has proven invaluable to professionals in a wide range of industry sectors. The team’s bold ambitions have been evident in each of our interactions, and I look to working in partnership with them to see these materialise.”
BGF is the UK and Ireland’s most active and dynamic investor of equity capital in growing companies. Its Scotland and Northern Ireland team reported strong momentum in 2022, delivering a series of highly successful exits and investing £42 million in a diverse range of growth economy businesses. Notable BGF deals taking place in Aberdeen in 2022, included leading an £8 million investment alongside Scottish National Investment Bank into biopharmaceutical company Elasmogen and the highly successful exit from cloud technology business Inoapps.