Wednesday, September 30, 2009

News: Documetric secures £2m investment


Documetric, the business process outsourcing (BPO) provider based in Rotherham, has secured a £2m investment from the Capital for Enterprise (CfE) fund to enable further growth.

The deal was led by venture capital firm Maven Capital Partners, a joint manager of the £75m CfE fund, a Government backed initiative launched earlier this year to help small businesses that are struggling to secure funding because of the credit crunch.

Hellaby-based Documetric, which specialises in payment processing and transactional services, will use the investment to continue its growth and development plans. The firm's revenues have increased from £2m to £11m since it was established in 2007.

Richard Arden, finance director at Documetric, said: "This investment will facilitate further organic growth by Documetric and is an attractive alternative to private equity.

"The efficient delivery of our outsourcing services is key to generating significant savings to our clients and we have a significant pipeline that has partly been driven by clients looking to rapidly cut costs in their operations."

Andrew Craig, partner at Maven, said: "Documetric is a high quality BPO with an impressive blue chip client base.

"The senior management team led by Rami Cassis have exciting plans for the business and Maven is delighted to be able to provide this investment from the CFE Fund to help the team achieve their strategic vision."

Documetric already executes payment for approximately 7.5% of the UK workforce.

Documetric website
Maven CP website
Capital for Enterprise website


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