Greater Manchester Loan Fund backs expansion of software specialists Rekoop
The Greater Manchester Loan Fund, which is managed by Scottish firm Maven Capital Partners, has today announced a £500,000 investment in Rekoop Limited, a specialist provider of time capture software used by law firms in over 40 countries.
Established in 2010, Rekoop provides cloud-based software solutions for clients within the legal sector; offering a range of automated systems for enabling work to be monitored and tracked within legal firms. This ensures that these organisations are able to access accurate data on fee earning and related performance activity.Maven said the investment will help Rekoop further accelerate its growth in the UK and support the business with its strategic expansion into Europe.
The GMLF funding will also enable Rekoop to market the software to the wider professional services market, where the advanced features of the software will facilitate organisations’ ability to improve profit performance, efficiency and competitiveness.
David Wright, Investment Manager at Maven, said: “In a little over four years Rekoop has established itself as a market leader in the provision of time capture solutions. With exciting new products in development, this flexible funding solution from the GMLF will enable Rekoop’s management team to accelerate their expansion plans and we look forward to working in partnership with Benn and the team helping Rekoop to exploit its great potential”.
Benn Latham, CFO at Rekoop, added: “We are pleased to have secured this additional flexible funding package to accelerate our growth and believe that in Maven we have found a partner who is as excited about the future as we are! The funding effect is threefold. It will allow us to enhance our geographical offering, enable us to add value to clients operating outside of the legal sector and ensure that we continue to provide clients with the best of breed software and service in the market.”
Mike Blackburn, chair of Greater Manchester Local Enterprise Partnership, said: “As the city region continues with an unprecedented degree of widespread development, it’s important that growing businesses get the support they need to build on their success. Rekoop has shown itself to be an industry leader, and now with GMLF support we anticipate that the company will grow to be an ever greater asset for the legal sector both within Greater Manchester and beyond.”
Sir Richard Leese, leader of Manchester City Council, said: “This is another example of how Greater Manchester is supporting its expanding businesses by providing loan finance. Manchester has strong digital and legal sectors so it’s good to see a success story which combines the two.”
Richard Cowan of Pannone Corporate provided legal advice to Maven with financial due diligence undertaken by Mark Bringloe of Cowgill Holloway. Patrick Curtis of Laytons LLP provided legal advice to Rekoop’s management team.