By Scott Wright
WARACLE, the Dundee-based mobile app developer, has signalled an accelerated push into the English market after securing investment worth nearly £5 million.
The company, which employs 140 staff across Dundee, Glasgow and Edinburgh, has received an investment of £4.8m from Business Growth Fund (BGF) to support its growth ambitions.
And chief executive Chris Martin said the firm has been holding talks with potential takeover targets down south as part of its growth strategy.
Waracle, which designs, develops and manages mobile apps for clients in the fintech, digital health and energy sectors, has recently boosted its presence in London with several key hires. Mr Martin said the investment from BGF, which has taken a minority stake in the business, would allow the firm to expand more quickly into England than would otherwise have been the case. It said the backing will enhance its digital product development efforts, with the firm also active in areas such as Internet of Things and Extended Reality technology. Duncan McIntyre, who chairs BGF-backed company Helecloud, has been appointed non-executive chairman of Waracle, following an introduction from BGF’s talent network.
Mr Martin told The Herald the BGF backing has given it the “confidence” to expand. He said: “We’ve built a fantastic business over the last 12 years, investing in great talent and building long-term partnerships with some of the UK’s most recognisable brands.
“We’ve now identified the right partner in BGF, with a great team that understands and supports our growth strategy. BGF’s expertise, coupled with Duncan’s knowledge and experience, will be invaluable as we enter this next stage of our growth.”
Mr Martin would consider acquisitions in Scotland, having boosted its presence in virtual reality with the takeover of Mozenix last year, but expects most of its growth to come organically north of the Border.
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