12 Jun A Belfast-based business behind a software platform which helps streamline the work of surveyors has been acquired by ScaleUp Capital.
Established in 2011, GoReport identified a void in the market for software which helps surveyors digitise their inspecting, reporting and analysis process.
GoReport provides software which support surveys and inspections in the residential and commercial sector and is used by a range of clients to support the transition towards digital workflows, enabling surveyors to focus on providing expert advice and guidance to their clients.
Article taken from: https://www.insidermedia.com/
ScaleUp Capital and the GoReport leadership team have identified opportunities for expansion, including through investment in the product to enable further growth into core markets.
The deal marks the first investment from ScaleUp Capital’s fourth fund.
David Sparrow, investment director at ScaleUp Capital, said: “GoReport has demonstrated a high degree of product-market fit in a compelling sweet-spot and the platform’s strong foothold in its market presents an exciting opportunity for continued growth.”
Gavin O’Neill, GoReport chief executive, added: “GoReport are delighted to become part of the dynamic ScaleUp portfolio.
“As we continue to move forward, ScaleUp’s position and expertise will undoubtedly support and assist us as we look to build on our growth and reputation and offer even more exciting solutions tailored for our target markets.”
As part of this transaction, existing investor Co Fund NI, which is managed by Clarendon Fund Managers, Crescent Capital and a number of private investors, have sold their stakes in GoReport and exited the business.
Jim Curran, from Clarendon Fund Managers, said: “We are delighted to see GoReport attract this new investment to enable the company to scale and move forward on the next stage of its journey.
“CoFund NI backed the company in five separate funding rounds alongside private investors in the early stages of its development and we are pleased that the company is well positioned to go from strength to strength with the support of ScaleUp Capital.”