Directory and data firm secures £42m investment from US giant
A WEST Midlands business which supplies the data for internet search engines has secured £42 million of new investment from a US financial giant.
118 Group, which has bases in Sutton Coldfield and Leamington Spa, has received the capital injection from Pricoa Capital Group, part of global investment management business Prudential Financial.
The firm was originally set up in 2008 to provide the data for business telephone directories but the company now sells that same data to every major search engine.
The company owns the only business database of its kind, supplying information under licence to credit reference agencies, mapping companies and internet search engines.
It also operates a business-tobusiness marketing division called Market Location and employs 100 staff across the two offices.
Co-founders Patrick Bradshaw and Paul Spinks will maintain significant stakes in the business following the investment by Pricoa.
Mr Bradshaw said: “Early on, we spotted the potential for licensing good quality business data, underpinned by a commitment to accuracy that has propelled the growth of the company into the success it is today.
“Our company has experienced exceptional growth enabling us to partner with a blue-chip organisation such as Pricoa.”
Mr Spinks added: “In an increasingly digital world, the secret to our success has been rigorous commitment to the checking and rechecking of data, which involves 10,000 validation phone calls every day to UK businesses.
“Over the years, we have created a unique database which maps almost the entire universe of UK businesses.
“The advent of mobile technology and explosion of ‘near me’ searches have seen the need for pin point accurate geo-location data increase exponentially.”
Donald Campbell, senior vicepresident at Pricoa, added: “We have built a strong relationship with Paul and Patrick and we look forward to supporting them and the rest of the team as they enter the next phase of 118 Group’s development and expansion.”