Intrallect
TRI Cap completes second round funding deal with software star
Business angel syndicate Tweed Renaissance Investors Capital Ltd (TRI Cap), has signed a deal with Linlithgow-based software house Intrallect to provide the lion’s share of a second round funding package totalling £450,000, sealing the company’s plans to create more jobs and supporting ambitious expansion plans. The investment comes as TRI Cap marks a highly successful first year in operation and the launch of its new web site: www.tricapital.co.uk
Since spinning-out of the University of Edinburgh in 2000, Intrallect has become a world leader in learning object repositories (LORs), used principally in the academic sector to allow educators to organise, share, reuse and repurpose learning objects for their training materials using its groundbreaking intraLibrary product. John Burgon of TRI Cap will join the Intrallect board.
Commenting on the funding package, John Burgon said: “Intrallect is a very exciting company which we believe is going to have global impact. I’m delighted to have the opportunity to work with this high-growth venture.”
Chairman of TRI Cap, Rob Dick, sees the investment as a fitting conclusion to a busy first year for the syndicate: “Having recently held our first AGM, we have reviewed our first year in some detail and it has indeed been an extraordinary journey. Our first year has been extremely busy: we have been inundated with investment opportunities and expect to be announcing a number of further deals very soon. In our first year, TRI Cap members have been involved in four deals in which an overall total of £1.7m was raised.
“The launch of our web site is a further notable step in our development, making the syndicate more visible to the business community and cementing our presence in the investment market. We have also been happy to work with Scottish Enterprise Borders in supporting the recent Business Idea Competition for businesses across Scotland.”
CEO of Intrallect, Dr Charles Duncan said: “We are very pleased to be working with TRI Cap as we prepare for growth and value both their financial backing and the expertise they bring to our board.”
END
6 MAY 2006
Issued on behalf of TRI Capital Investments Ltd by Prior PR.
For further information contact Eileen Prior on 01721 729322 or 07802 180 412, or email eileen.prior@priorpr.co.uk
NOTES TO EDITORS
TRI Cap
Tweed Renaissance Investors Capital (TRI Cap) is a business angel syndicate based in the Scottish Borders, with the intention of investing in growth businesses in the Borders and beyond. Its founders include some of the Borders’ leading business people who, between them, have many years’ experience of building and investing in enterprises in the Borders and further afield. The syndicate has invested in a number of companies in its first year: Lab901 (May 2005), Murray Allan Cashmere (July 2005), EctoPharma (November 2005) and Outerlight (December 2005). Visit www.tricapital.co.uk for further information.
About Intrallect
Intrallect develops software systems which make it easier for organisations to share, re-use and re-purpose learning and training materials. Since spinning-out of the University of Edinburgh, Intrallect has established itself as the global leader for such systems for the education sector, with installations in universities and colleges of further and higher education throughout the UK, and in continental Europe and Australia.
Intrallect provides a packaged software product and consultancy, customisation, and bespoke development services. First round funding for Intrallect was made by West Lothian Ventures and Edinburgh Technology Fund in 2002.
Intrallect has experienced more than 50% growth in annual turnover in each of the last five financial years, and is projecting nearly 100% growth in 2005/6. The intention is to double its staff to 14 people by the end of 2006, with further expansion in 2007. Intrallect will use the funding to consolidate its leadership position in the UK market, expand into overseas markets and diversify into other market sectors. The company also expects to announce shortly a move to new offices to accommodate this expansion.
About Intrallect IntraLibrary
IntraLibrary is enterprise software which enables organisations to share and re-use learning resources using a simple, web-based interface. Learning resources can include documents, presentations, web pages, images, multimedia and quiz datasets. These resources are stored as “learning objects”, which makes it very easy for users to retrieve and reuse them using intraLibrary’s powerful search facilities. IntraLibrary is a strategic technology that underpins a mixed learning environment. It saves the cost of “reinventing the wheel” when creating and using learning content, and helps maximise learning opportunities.
For more information see www.intrallect.com