A North West-based, Queen's award-winning software business has received a £4m investment that will help drive its international expansion.
DriveWorks, which provides design automation and 3D sales product configuration software solutions for manufacturing and engineering firms, has received the funding from growth capital investor BGF, and said it will support continued investment in technology to accelerate growth. That's as well as positioning the business "to address the significant market demand" for customised 3D product visualisation.
The deal is the second in a week for BGF’s North West team, having also announced a £7.5 million investment in Lancashire-based ecommerce logistics and tech company, Fulfilmentcrowd.
Glen Smith and Maria Sarkar, co-founders of DriveWorks, said: “Our company is built on innovative technology, high standards and above all else the quality and commitment of our people to our customer base and channel partners.
“With BGF’s support, we have an opportunity to build on our growth with continued investment in our software and focus on international expansion into new and existing markets. We’ve been impressed with BGF and their expertise in supporting the scale-up of technology businesses in our sector which will be key to achieving our ambitions for DriveWorks.”
The fast-growing technology company was co-founded by CEO Glen and VP Maria in 2001 with the creation of DriveWorks software as a design tool to automate SOLIDWORKS, the world’s leading 3D CAD design platform.
With an already established userbase in the US, DriveWorks’ technology has truly global reach and is utilised by thousands of customers across 47 countries.
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Harry Jones from BGF originated and led the deal.
He said: “DriveWorks is an excellent business with unique and world-leading technology which has significant global potential to help manufacturing companies generate more sales whilst also driving efficiencies in their production processes.
"We have also been impressed by the founders’ commitment to their team and investing in talent within the business which gives a strong cultural alignment between our organisations. All of these elements, combined with our support, investment and attractive sector fundamentals, mean DriveWorks is primed to scale its operations.
"This is a sector BGF knows well having previously backed Solid Solutions – the 海角视频’s largest reseller of SOLIDWORKS, in 2016 which more than tripled revenues through significant organic and acquisitive growth over a four-year period before a successful exit last year.”
The advisors to the transaction were Knights Plc, DTM Legal, Mattocks Grindley and Hurst.