Tagtronics secures £550k funding to support acquisition
Tagtronics Limited has secured a six-figure loan to support its acquisition of a software as a service (SaaS) business in London. The loan is being provided by Enterprise Ventures SME Loans.
Tagtronics was founded in 2000 by its managing director, Mike Williams. The firm provides the domiciliary care market in the UK and overseas with software for managing payroll, invoicing, resourcing and other communication elements.
The deal was supported by Pauline Rigby of Forbes Solicitors and Paul Spencer from Haworths Chartered Accountants, along with their respective teams.
Tagtronics’ Mike Williams said: “This is a brilliant opportunity to invest in a business that we can develop using a similar model to that which has paid dividends with Tagtronics, we really look forward to working with the new business.
“The team at Enterprise Ventures really understood what we do and the business model we have developed and saw that we could do the same with our new business and were keen to support us – it has been great working with them.”
Enterprise Ventures investment manager Chris Carter commented: “We are pleased that Enterprise Ventures is able to support Tagtronics with its continued growth and expansion, as it looks to widen its range of products, gain new customers and create new jobs.
“Tagtronics is a company that we understand and are fully committed to supporting and with Mike Williams at the helm and Dave Roberts in the role of non-executive director, Tagtronics is well placed with the valuable expertise it needs to help drive the business forward.”
Enterprise Ventures, which has offices in Greater Manchester, Merseyside, Lancashire and Yorkshire, is part of tech investment giant Mercia Technologies PLC.