SEP injects £25m into global comms firm
Scottish Equity Partners (SEP) has completed a £25 million investment in a Uk-headquartered global provider of communications technology and cloud contact centre services.
The venture capital firm, which has offices in Glasgow, Edinburgh and London, has injected the capital into Redwood Technologies Group, acquiring a minority stake in the Berkshire-based firm.
SEP said Redwood has experienced “strong and profitable” organic growth, with revenues increasing by nearly a third in 2016 and 2017.
The funding marks the first external investment that Redwood has accepted in its 25-year history, and will accelerate a global expansion strategy that focuses on the Asia Pacific region for 2018, with a regional office opening in Tokyo in the first quarter.
Redwood owns the cloud communications provider Content Guru, and has deployed comms services to more than 50 countries from its offices in Europe and North America.
Andrew Davison, a partner at SEP who joins the board of Redwood, commented: “Redwood is a fantastic addition to our enterprise software investment portfolio and we are looking forward to working with the founders and wider team to further scale the business internationally.”
Sean Taylor, chief executive and co-founder of the Redwood Technologies Group, added that it “has enjoyed tremendous growth in recent years”.
He added: “This investment will ensure we continue to grow strongly, both in existing markets and new territories.”