HRTech platform Adepto raises $2.48 million investment from round led by Conviction Investment PartnersPosted Jul 17, 2019
For immediate release
Wednesday 17th July
- Conviction Investment Partners (CIP) has led a £2 million ($2.48m) 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 ($2.48m) 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 ($5.83m).
Adepto helps organisations 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.”
NEWS RELEASE: ISSUED ON BEHALF OF CONVICTION INVESTMENT PARTNERS, ADEPTO AND TRIPLE POINT.
CIP CONTACT: Caroline Walker on [email protected] or 01325 363436
ADEPTO CONTACT: Jade Emmons on [email protected]
TRIPLE POINT CONTACT: [email protected].
Notes to editors:
Conviction Investment Partners is a syndicate of global investors pursuing early stage, SaaS based disruptive tech opportunities. CIP invests exclusively in post-revenue businesses that are disrupting their domestic markets and show the potential to grow into global enterprises with $100m revenue lines.
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 $2 bn.
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 £2.5 bn.
Conviction Investment Partners (CIP), offers ‘Just in Time’ finance to a select number of fast-growing companies. Rather than providing large blocks of expensive capital upfront, the ‘Just in Time’ model invests smaller amounts of money each year, providing that the company hits its growth targets. This means that founders of companies are typically diluted much less than if they were funded through a traditional VC model.
Adepto is a skill-based Total Talent platform providing customers with a single view and access to all the talent available to them, internal and external; past, present and future. Reducing time to hire, direct sourcing, internal mobility, re/up-skilling at scale and visualising real-time, accurate skills data on who has the right skills to fill a need from across an organisation’s talent pool are just some of the reasons why AECOM, BAE Systems, Atos, Capita and many more are using Adepto. Organisations from 1,000 employees to the Fortune 500 trust Adepto to facilitate better connections to their workforces, drive flexibility and create organisational agility. For more information, visit www.adepto.com.
At Triple Point we create a wealth of opportunities for our investors, the businesses we partner with and the entrepreneurs that lead them. Founded in 2004, we manage over £1.4bn of private, institutional and public capital. Our specialist teams invest across four themes – property, debt, infrastructure and venture capital. We look across industries and society to unlock value wherever it can be found. Through our curiosity and experience, we originate differentiated investments that have consistently delivered, irrespective of market timing. Triple Point exists to build enduring partnerships and exceptional investments that perform in the long term.