Sigma Technology Venture Fund (STVF), a fund managed by Sigma Technology Management Limited(“Sigma”), is pleased to announce that it has led a total investment round in McLaren Software Limited (“McLaren” or “the Company”) of £2 million for 46% of its share capital. STVF invested £1.2 million as lead investor in a syndicate that includes Artemis Aim VCT plc £500k, other investors £150k and Management of McLaren £117k.
Neil Crabb, a director of Sigma Technology Group plc, has joined the Board as a non-executive director. Hamish Grossart a non-executive director of Sigma Technology Group plc has been non-executive chairman of McLaren since January 2001 and is investing as part of this round. STVF’s resulting stake is 27.69%.
McLaren was formed in May 2000 following a de-merger from its parent, ISI Group Plc, and began trading as a consulting company focusing on customisation of document management systems for deployment in the Engineering, Construction and Operations market. It soon became clear that the Company’s know-how and deployment frameworks could be used as the basis for a suite of software products. As a result, in January 2001 McLaren formally changed strategy to become a software company. In order to accelerate this strategy McLaren acquired CADspace Ltd. and CADspace Inc in April 2001.
McLaren’s product suite, known as kVisia, helps companies effectively and efficiently manage complex documents and business processes, saving time and reducing cost and effort. kVisia products are typically used within large, highly regulated and complex industries to coordinate projects, such as capital construction or drug submissions. kVisia also has application in areas such as design, development, research, construction, business process outsourcing and asset management.
To date, over 45,000 kVisia product licences have been sold to over 250 businesses and total revenue for 2002 across both products and services was £7.4 million. The funding will be used to support the expansion of sales activity in key markets including the USA and Europe.