Published: Feb 22, 2010
Focus: Growth Capital
PrismTech secures £1.5 Million Investment from Capital for Enterprise Fund managed by Maven Capital Partners
Funding to support PrismTech’s future growth and development plans.
Maven Capital Partners as joint manager of the Capital for Enterprise Fund (CfE) has today announced its £1.5 million investment in PrismTech Group, a world leader in high-performance communications software.
The £75 million CfE Fund is a Government backed initiative launched earlier this year to help small and medium size enterprises (SMEs) in the UK gain access to the financial support required to bridge the funding gap caused by the credit crisis. In April 2009, it was announced that £60 million from the CfE Fund would be allocated to two separate £30 million funds, one of which is managed by Maven. A further £15 million is being managed as a co-investment fund by Capital for Enterprise Fund Managers.
PrismTech’s two highest-growth product lines, Spectra and OpenSplice, address the needs of systems and equipment providers who provide high-performance communications solutions to markets with advanced and demanding IT systems such as defence and aerospace, transportation, telecommunications and finance. PrismTech’s customers include many Fortune 500 companies and almost all of the world’s leading telecom, aerospace, and defense contractors. PrismTech also leverages partner alliances and was recently selected for Wind River’s (a subsidiary of Intel Corporation) prestigious Partner Validation Program. PrismTech is the only specialist platform vendor selected for this highly selective program operated by the world’s largest Real-time Operating System (RTOS) vendor.
With Spectra and OpenSplice delivering high-growth, increasing market share, and winning major partner endorsement, the company is accelerating its investment in marketing and sales - to fully exploit the large and expanding global markets for these products. The investment in PrismTech made by the CfE Fund will support this accelerated growth strategy.
PrismTech’s Executive Chairman, David Cairns, commented, “The growth opportunity in front of PrismTech is clearly identified, large, and supported by significant competitive advantage and partner endorsement. We obviously want to fully exploit this excellent opportunity and so we are pleased to partner with CfE to help provide the financial resources we need to reach our full potential.”
Dr David Milroy, Fund Manager at Maven, added, “PrismTech is a high-growth, sophisticated global technology business with a impressive blue chip client base, the senior management team, led by David Cairns, 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. This again demonstrates the value of the CfE fund in supporting ambitious UK businesses like PrismTech.”