A North Tyneside retail tech firm is set for growth after sealing significant investment from a leading private equity investor.
Cobalt Business Park based Shoptimised has been helping retailers and their marketing firms since 2018, providing price comparison software amongst a range of services to increase online sales. The company, which has clients around the world, has received “significant†funds from LDC, the investment arm of Lloyds Banking Group, to help support its ambitious growth strategy.
Shoptimised has seen strong growth in recent years, winning a number of awards along the way at high profile industry awards, and it has recently launched the latest version of its software to bring multi-lingual and enterprise level functionality, as well as enhanced services and reporting for retailers and marketing agencies.
The company, which now employs over 40 people and has more than 1,000 customers in the º£½ÇÊÓƵ and Europe, said it is now set to accelerate organic growth on the back of it investment, the value of which has not been disclosed. It said its strategy is underpinned by excellent customer service and a product offering which enables retailers to optimise their online advertising.
LDC is backing Shoptimised’s management team, led by Nick McQue, Brad Hall, Scott Hollande, Alex Sinden, Scott Walters and co-founder John Cave. David Zborowski recently joined the business as CTO to lead future development.
Mr Cave said: “We’re delighted to be partnering with LDC to support the future growth of Shoptimised. Our values blend perfectly with theirs and our shared vision of where we can take this business over the next few years is incredibly exciting. It can seem daunting bringing on a new partner, but LDC have been extremely supportive and let us get on with what we do best whilst helping in any and every way that they can.â€
The transaction was led by LDC’s North East and Scotland team, including investment director Aaron Lawson-Clark and investment manager Peyman Atapour. They will join the board as non-executive directors alongside Steve Nelson who joins as non-executive chair. Brian Lavery, former head of Google shopping ads in Europe, will become an advisor to the board.
Mr Lawson Clark said: “It’s more important than ever for eCommerce retailers to use the latest technology to enable consumers to find them online and to maximise their share of consumer demand and buying intent. John and the team at Shoptimised have built a platform that services this market perfectly, with software that’s powerful and easy to use, and services that enhance retailer sales performance.
“They’ve also created a culture where talent can thrive and innovation is encouraged and we will do everything we can to maintain that nurturing environment as the company grows. We’re looking forward to working with them to fulfil their ambitions.â€
LDC was advised by Cavu Corporate Finance, Muckle, PWC, Graph, Panmoure, FSP, AON and Confidas. Shoptimised was advised by RMT, Clive Owen and Sintons.
LDC has invested over £755m into fast growing technology businesses in the last 10 years, backing management teams to achieve their ambitions. Its current portfolio includes 21 technology businesses including cloud-based technology platform Uinsure and student accommodation advertising platform UniHomes.
