Scottish Investment Bank provides £1.8m as Glasgow firm wins £3.6m investment

Scottish Investment Bank

Scottish Investment Bank, the investment arm of Scottish Enterprise, has invested £1.8 million in Glasgow-based Encompass Corporation as part of a £3.6m co-investment with the Sydney based Adcock Private Equity Group.

Encompass, which creates visual analytics products for financial services, legal, corporate insolvency, and asset-based lending, established its head office in Glasgow in 2015 and has since expanded to over 30 employees in the UK.

This latest funding will help accelerate the company’s growth in the UK and globally, and support continued expansion in Glasgow.

Founded in 2012 in Australia, Encompass provides sophisticated analytics software for financial and professional service firms, enabling them to instantly gain insight into corporate, person and property data in order to help address issues such as money laundering and know your customer regulations.

The funding will enable Encompass to speed up integration with more data partners, which already include the likes of Companies House and the Land Registry. The current 12 data providers allow professional firms to immediately carry out legal and regulatory checks regarding the disclosed, or even hidden financial assets, of individuals and companies in order to comply with issues such as anti money-laundering.

Kerry Sharp, head of the Scottish Investment Bank, said “Encompass is a great example of the innovative companies that Scottish Enterprise is keen to attract to Scotland and the investment will allow the company to expand and develop its Glasgow operation.

“Encompass chose Scotland for its perfect mix of the right people, as well as its close-knit business community. The company also benefitted from Regional Selective Assistance Support (worth up to £357k) provided by Scottish Enterprise which enabled the company to open its office in Glasgow in May 2015. We look forward to continuing to work with Encompass as it develops its service offering and workforce, helping the company to achieve its ambition to be a global player in its target market.”

Wayne Johnson co-founder and CEO of Encompass, said: “The overwhelming support by Scottish Enterprise and Scottish Investment Bank will ensure that Encompass can speed up its expansion and support the company’s growth in Glasgow. We can fast track our product development, focusing specifically onEncompass Confirm, a soon to be launched solution for financial services firms, many of whom have their head office in Scotland and are under increasing regulatory pressure to ensure the individuals and companies that they work with are financially sound and behaving in an appropriate manner.”

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