Member Profile
TRI CAP SEALS DEAL WITH FACTONOMY AS COMPANY FOCUS ON GLOBAL GROWTH
TRI Cap has completed a second investment in Musselburgh-based Factonomy, the business continuity software development company. A total of £576,000 was committed by a group of investors including TRI Cap, Barwell, company management and the Scottish Co-Investment Fund.
The investment comes as the company makes major strides to strengthen and expand its operation and coincides with the appointment of American businessman Phil Rugani as chief executive. The company has unveiled plans to grow turnover more than ten-fold to £60 million in the next three years by targeting Fortune 1000 firms in the US and FTSE 250 firms in the UK. Factonomy's business continuity management software helps firms carry on operating in emergencies, such as earthquakes, fires or power cuts.
Robert Dick, chairman of TRI Cap, commented:
“TRI Cap first invested in Factonomy in 2008 and we are very pleased to maintain and enhance this very productive investment relationship. The members of TRI Cap have been impressed with Factonomy’s vision and focus, and the very real strides the company has made in a global and highly competitive market. Our member Tom Hart, who has substantial experience in software development, represents TRI Cap and Barwell on Factonomy’s board and is able to bring his considerable expertise to bear to support the business.”
The company is building a field office network in the United States, including sales, marketing and technical support staff and has opened two offices in the New York and Boston areas. A third office is scheduled to open in the first half of 2012. This will bring the company's workforce in the US to about 30 within the next six months. Factonomy has already carried out work for Asia-focused bank Standard Chartered and Sykes Global Services, the Edinburgh-based customer contact centre operator.
Rugani, who purchased 10% of the business, was previously vice president for the Americas at IBM following its acquisition in 2006 of his previous software company, FileNet, for $1.6 billion.
END
16 January 2012
Issued on behalf of TRI Cap by Eileen Prior, PR Consultant.
For further information contact Eileen Prior on 07802 180412, or email priorpr@btinternet.com
Visit www.tricapital.co.uk for more information.