Sale of stake in tech firm generates high returns

Private equity firm Maven Capital Partners and the Scottish Investment Bank have achieved four times their original investment in a Glasgow-based digital technology company.

The two investors have exited Incremental Group in a £3m sale to Edinburghbased Dunedin after initially backing it two years ago.

Incremental, led by chief executive Neil Logan, helps clients including Aggreko, Total and Scottish Leather Group benefit from technologies such as cloud computing and artificial intelligence.

The company, which employs 125 people across sites which also include Inverurie, London, Manchester and Northwich, has grown significantly since the investment with its order book increasing more than four-fold on the previous year.

In the current financial year, revenue has risen 60 per cent to £6.6 million with earnings doubling to £1m. The company said the investment by Dunedin will enable the business to progress towards its target £60m of revenues and a workforce of 500 by 2022.