A Midland software firm which works with manufacturers and engineers across the 海角视频 and Ireland has secured £8 million in new investment from the Business Growth Fund.
Leamington Spa-based Solid Solutions Management provides a range of 3D computer-aided design software tools, training and support to more than 5,500 customers including product designers, mechanical engineers, manufacturers and educational institutions.
Founded in 1998 by managing director Alan Sampson and technical director Simon Turner, the business is one of the the 海角视频 and Ireland's leading resellers of SolidWorks, the 3D CAD software package owned by Dassault Systèmes.
READ MORE: {}
Solid Solutions, which generates annual turnover of £30 million, employs 150 people and received 21 awards at an annual trade conference in Text earlier this year.
The Business Growth Fund provides growth capital to small- and medium-sized businesses and it is backed by five of the 海角视频's main banking groups - Barclays, HSBC, Lloyds, RBS and Standard Chartered.
Its investment will be used to support the continued growth of the core business, expand its bespoke offering and facilitate the acquisition of Derbyshire-based Cadtek, another SolidWorks reseller.
The acquisition is expected to add both scale and capacity benefits and easier access to training by bringing in Cadtek's eight 海角视频 training centres to the 15 already operated by Solid Solutions.
As part of the investment, industry specialist Colin Garrett has been appointed as non-executive chairman of Solid Solutions.
Most Read
Mr Sampson said: "BGF's investment allows us to accelerate the growth plans for the business by increasing our scale.
"We are experiencing growing demand for the products and training we provide and are delighted that we are positioned to respond to this demand with the backing of a supportive equity partner."
James Syrotiuk, an investor at the growth fund who will sit on the board of Solid Solutions, added: "There remains a lot of opportunity for Solid Solutions in the 3D CAD market.
"Alan, Simon and their management team are passionate, knowledgeable and committed to growing the business.
"We are pleased to be supporting the company as it continues to pursue these opportunities."
The investment in Solid Solutions was led for the Business Growth Fund by James Syrotiuk, Aaron Baker, Saarung Shah and Ian Downing.
Advisers on the transaction were law firm White & Black for Solid Solutions and, for the Business Growth Fund, law firm Squire Patton Boggs, MCC Consulting and Claritas Tax.