Edinburgh-based Par Equity leads £3.2m investment in Northern Ireland tech companies
Edinburgh-based venture capital firm Par Equity has led investments totalling £3.2 million in two Northern Ireland software companies, Plotbox and Datactics.
The technology firms are the latest to benefit from investment led by Par Equity, which has invested more than £118 million in over 51 companies since it was founded in 2008.
Investment manager Graeme Mckinstry said: “Northern Ireland is producing some very high-quality opportunities for venture capital investment.
“The government and councils are investing billions in business infrastructure projects that will run until the 2030s, providing fertile ground for entrepreneurship, and its universities are some of the best in the UK for research and commercialisation of intellectual property, generating ideas and supplying quality graduates.
“Plotbox and Datactics are two of the best in class. Both firms have track records of strong sales growth and success in their core markets, and what’s key for us is that they’ve demonstrated both the scalability of their businesses and their customers appetite.”
Par Equity partnered with Ironbridge CP on the £2 million investment into Ballymena-based Plotbox, which provides software for cemetery management. The investment will go towards improving product functionality and customer support as well as expanding the company’s sales and marketing efforts.
The firm partnered with Kernel on the £1.2 million investment into Belfast-based Datactics, which provides software tools for large-scale institutions to manage vast volumes of data while complying with regulations. Most of its clients are in financial services, but it is planning to expand in the public sector.
Par Equity and its partners received third-party advice on both investments. TLT provided legal advice on Datactics, with Arthur Cox on Plotbox. Bruce Douglas at Confidas People provided personnel DD on Plotbox, Philip Hare Associates provided tax advice on both and BPS Business provided insurance DD on both.