Belfast-based compliance software developer AuditComply has been sold for an undisclosed sum to Toronto-headquartered cloud-based manufacturing software experts Nulogy, resulting in a successful exit for Co-Fund NI.
AuditComply is a technology company which has developed a market leading Quality Management platform which empowers manufacturers in multiple industries to track suppliers, drive higher quality, and increase throughput. Led by Kevin Donaghy and Susan Fitzsimmons the company has customers across the world using its software in 20 different languages.
Co-Fund NI, which was established by Invest NI and managed by Clarendon Fund Managers, invested in AuditComply in 2015 alongside a number of private angel investors to support the company’s growth. The business secured further investment from BGF and First Derivatives in 2017 and subsequently from British Business Investments through its Regional Angel Programme.
Co-Fund NI invests alongside private investors on a wholly commercial basis, typically investing between £150,000 and £500,000into high growth companies at any one time and can invest up to £2.5m across multiple investment rounds.
Brian Cummings, investment Director at Clarendon Fund Managers, said: “We are really pleased for the AuditComply team and would like to congratulate Kevin and Susan on securing this partnership with Nulogy. While this results in a successful exit for Co-Fund NI, it is also a good news story for the Northern Ireland economy as it provides a further indication of how international investors view the calibre of business we have in this part of the world, across a wide range of sectors.
“Through Co-Fund NI and the Investment Fund for Northern Ireland, Clarendon has a range of equity investment options available to help ambitious companies to achieve their growth objectives.”
Kevin Donaghy, CEO of Audit Comply, said: “We are excited about the next chapter for the business as part of Nulogy. AuditComply and Nulogy have a shared vision of empowering manufacturers with the data and digital support they need to effectively manage and scale their operations in today’s marketplace.”
“We’d like to thank Brian and the Clarendon team for their continued support from the early days of AuditComply. They have provided invaluable advice and funding as we have expanded the business and entered into new markets.”
The third iteration of Co-Fund NI, the £39m Co-Fund III, was launched earlier this year and is expected to leverage over £60m of additional investment from the private sector.
Clarendon managed the first two Co-Fund NI funds, investing a total of £53m in 102 investee companies to date across more than 370 investment rounds. This has leveraged £119m of additional matched investment from private investors and a further £211m from institutional investors bringing total funding supported by Co-Fund NI to £383m to date into over 100 companies across Northern Ireland.
