Bridgepoint Growth has made a growth capital investment in Elgin, the home of roadworks.org, the local and national planning, management and communications hub for roadworks, road closures and traffic disruptions. The terms of the transaction are not disclosed.
Co-founder Shane O'Neill said: "We began several years ago with a vision to aggregate official traffic information across hundreds of different official sources. We have achieved a substantial market coverage within England, Scotland & Wales serving the traffic management community and developed a suite of software tools which syndicate official and real-time traffic data into the global satnav providers and other media outlets."
CEO and co-founder James Harris added: "Our ambition is to build on our strengths in providing traffic management solutions in the UK and to play a major role in supporting the growth of autonomous vehicles and Smart Cities worldwide, leveraging our uniquely close relationships to the global satnav providers. Today's investment by Bridgepoint Growth will allow us to accelerate our growth ambitions and extend and develop our range of services."
Duncan Calam, a partner of Bridgepoint Growth, said: "This is an opportunity for Bridgepoint Growth to invest in a high quality, SaaS annuity business and to help it internationalise. Elgin is at the heart of the digital transport revolution, producing cost effective real-time software solutions for the world of connected vehicles and genuinely helping highway authorities to reduce congestion and costs".
Advisers involved in this transaction were: for Bridgepoint Growth - KPMG (FDD and Tax), Taylor Wessing (Legal), Cross Lake (ITDD) and Marsh (Insurance); for Elgin - WTA Partners (M&A) and Gowling WLG (Legal)
This investment is made by Bridgepoint Growth I, a fund which focuses on companies seeking equity investment between £5 million and £15 million that use digital technologies to achieve transformational growth in their end-markets.