Edinburgh's Par Equity leads £2 million investment in fast-growing data management specialist
Par Equity, the Edinburgh-based investor, has led an investment of £2 million into a fast-growing data management specialist.
Datactics provides software and services to large organisations that need to improve and control the quality of the data held in their computer systems.
The firm’s platform, based around artificial intelligence (AI) technology, allows staff who are not IT experts to “efficiently clean-up and enrich” the information in their lines of business.
Sales are said to have grown strongly over the past 12 months and the business has won new clients in Amsterdam, New York and London.
Belfast-based Datactics, which has a team of 50, will use the funding injection to accelerate its growth by investing in sales resources focused on London and New York.
Aidan MacMillan, investment manager at Par Equity, said: “Datactics has an extremely strong technology platform and some great clients. Its revenues have more than doubled in the last two years and we are confident this growth trajectory will continue.
“Data management tools are increasingly important across all industries. The growth opportunities are very attractive. The Datactics AI solution is designed to be easily explainable, which makes risk averse clients, like banks, more comfortable with adopting the technology.”
Datactics chief executive Stuart Harvey said: “It’s clear that in 2021 businesses are stating that data quality has never been more important. We are seeing major investment in data governance worldwide, with firms investing heavily in data management tools for governance.”
Par Equity originally invested in the firm in 2019. The current investment round is also supported by other existing investors, Kernel Capital and Clarendon.