AN Aberdeen-based software firm is targeting expansion on the back of a £2 million investment from BGF.
STC INSISO’s products are used widely across industries including oil and gas, construction, marine, and utilities. They span culture, safety, and solutions, with the aim of improving business processes and performance.
The company’s COMET software platform, which will be rolled out at an accelerated pace following BGF’s investment, generates high-quality input data to identify systemic risk with the aim of giving users a solid foundation for making sound decisions to ensure future incident prevention.
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STC INSISO’s annual revenue for 2022 was £4 million and the company projects turnover will increase significantly over the next two to four years.
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The investment from BGF, which was set up in 2011 as the Business Growth Fund, has already resulted in the creation of three product development positions at STC INSISO, with further recruitment planned this year.
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Mark Rushton, chief executive at STC INSISO, said: “BGF’s investment proposition was particularly attractive to us for two reasons – firstly because of their strong track record of supporting innovative Scottish businesses, and secondly because of their people, who gave us immediate confidence and were culturally aligned to our team from day one of the journey.”
The deal was led by Keith Barclay, an investor working between BGF’s Aberdeen and Edinburgh offices.
Mr Barclay said: “STC INSISO has an impressive software product portfolio which has proven invaluable to professionals in a wide range of industry sectors.”
He added: “The team’s bold ambitions have been evident in each of our interactions, and I look forward to working in partnership with them to see these materialise.”
STC INSISO says its expertise “spans business, commerce, software development, project management, health and safety, and the key soft skills that are prized by business such as communication, leadership and teamwork”.
Arrash Nekonam, chief technology officer at STC INSISO, highlighted the company’s ambition to maintain its track record of “consistently delivering” for clients across a range of industry sectors as demand increases.
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