"We are delighted that we have completed another successful round of fund-raising for one of the fastest growing companies in our portfolio."
Jeremy Middleton CBE
Conviction Investment Partners (CIP) has led a £2 million investment round, alongside Triple Point and other investors, in Adepto - a skills-based Total Talent SaaS platform.
Adepto has successfully raised to expand its global operations and increase capabilities in solutions, sales, customer experience and engineering.
Adepto focuses on serving multinational enterprises, with total headcounts in excess of 1000 people. Adepto has a strong list of blue-chip clients including the likes of AECOM, BAE Systems, Atos and Capita.
Conviction Investment Partners (CIP) has led a £2 million venture round, alongside Triple Point and other investors, to fund the continued international expansion of Adepto, a skills-based Total Talent Software as a Service (SaaS) platform. Adepto supports large enterprises in resourcing the best talent into the right roles, regardless of their employment status or work style. This funding round brings Adepto’s total amount raised to date to £4.7 million.
Adepto helps organisation reduce their time-to-hire, improve direct sourcing and internal mobility, upskill the entire workforce and gain access to real-time, accurate skills data. The software integrates with existing HR, Procurement and ERP technologies. Adepto provides customers with a single view of all their talent, internal and external; past, present and future.
Adepto serves multinational enterprises with headcounts of over 1000 people. Adepto has a strong list of blue-chip clients including the likes of AECOM, BAE Systems, Atos and Capita. Adepto already operates on a global scale across Europe, the U.S. and APAC, with further expansion plans in these markets over 2019. Adepto is growing the company’s capabilities across solutions, sales, customer experience and engineering - with key appointments including VP, Sales and EMEA - Oli Meager, VP, Solutions and APAC - Louise Anderson, and Head of Delivery - April Lea.
The CIP syndicate invests exclusively in high-growth early stage companies that employ the Cloud to build a disruptive SaaS based model. The Conviction partnership is led by founding shareholder Andrew Jenkins, who has invested in disruptive technologies for 10 years, most notably Mimecast, which is now Nasdaq listed at over $2bn. Andrew is supported by Jeremy Middleton CBE, Managing Director of successful private investment company Middleton Enterprises Limited, and co-founder of home emergencies repairs business HomeServe plc, now a FTSE 250 company valued at over £4bn.
On the investment, Chris Milligan, CEO of Adepto stated: “This investment comes from continued success and growth for Adepto. To date we have had 100% customer retention, and over the last three years have seen 150% year on year revenue growth.
With CIP, Triple Point and other investors’ backing, Adepto is driving the creation of the Total Talent software category and continuing to support global customers on their journey to Total Talent.”
Andrew said: “Conviction Investment Partners was appointed to lead Adepto’s latest round and we were pleased to be able to offer the co-investment opportunity to our syndicate. Having an institutional investor like Triple Point in the round reinforces the attractiveness of the opportunity.”
“The capital will be used to fund its global operations and the rollout of its new commercial models. The first £0.5 million was invested earlier in the year and the remaining £1.5 million has recently been completed successfully.”
Jeremy added: “CIP acted as the lead investor. Andrew and I both invested, alongside Triple Point and existing shareholders.
“We are delighted that we have completed another successful round of fund-raising for one of the fastest growing companies in our portfolio.”
Seb Wallace, Investor at Triple Point explained: “Triple Point focuses on backing the best B2B, scalable businesses. Adepto is exactly that – top of class growth over the last year, a sterling management team and a product which is truly ahead of the curve in the HR industry. Alongside CIP, we’re very much looking forward to helping the Adepto team grow further.”