Aberdeen-headquartered STC INSISO has secured a £2m investment from BGF to support a growth strategy focussing on its evolving suite of software products.
The products, which span culture, safety and solutions to improve business processes and performance, are already used across industries including oil and gas, construction, marine and utilities.
Its COMET software platform, which will now receive an accelerated roll-out following the investment, generates input data to identify systemic risk, giving users a foundation for making decisions to ensure future incident prevention.
STC INSISO’s annual revenue for 2022 was £4m and that figure is predicted to grow significantly over the next two to four years.
The investment has already resulted in the creation of three new product development positions, with further recruitment set to continue this year.
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 based between BGF’s Aberdeen and Edinburgh offices.
He said: “STC INSISO has an impressive software product portfolio which has proven invaluable to professionals in a wide range of industry sectors - the team’s bold ambitions have been evident in each of our interactions, and I look to working in partnership with them to see these materialise.”
BGF's Scotland and Northern Ireland team reported strong momentum in 2022, delivering a series of exits and investing £42m in a range of businesses.
Notable BGF deals taking place in Aberdeen last year included leading an £8m investment alongside Scottish National Investment Bank into biopharmaceutical company Elasmogen and an exit from cloud technology business Inoapps.
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