Published: Dec 18, 2009
Focus: Growth Capital
Maven Capital Partners (“Maven”) as joint manager of the Capital for Enterprise Fund (“CfE Fund”) has today announced its £650,000 investment in Direct Data Services Limited (trading as Qire), a leading UK based provider of intelligent voice messaging solutions.
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.
The investment in Qire made by the CfE Fund will support the company’s growth and development plans as a provider of intelligent voice messaging and data matching solutions. Qire employs over 20 staff at offices in Liverpool City Centre, they were advised by Brabners Chaffe Street, Liverpool.
Maven were advised by the Manchester office of DLA Piper and accountancy firm Langtons provided due diligence services for the investment.
Guy Cooper, CEO at Qire, said "The investment by Maven using the Capital for Enterprise Fund will underpin Qire’s organic growth strategy. It provides us with the stability to further develop our position within the utility, financial and healthcare sectors and will help us realise our vision of becoming the UK’s leading supplier of hosted IVM business services. In the current financial environment we are appreciative of the support from Maven and the CfE Fund”.
Andrew Craig, Partner at Maven, said, “Qire is a relatively young business that provides innovative voice messaging solutions to an impressive blue chip client base who are all extremely happy with the services that Qire deliver. The business has also recently signed a significant public sector contract and has numerous other opportunities in the pipeline. The senior management team, led by Guy Cooper, have exciting plans for the business and Maven are delighted to be able to provide this investment from the CfE Fund at a critical time in the company’s development. This again demonstrates the value of the CfE fund in supporting growing UK businesses.”