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News

Compliance screening specialists buys back shareholding from 3i

Datanomic : 04 November, 2009  (Company News)
Management at Datanomic back their confidence in the fraud prevention specialist's future by buying back previous investor's shareholding
Datanomic Management and other previous investors, supported by investor DN Capital, have acquired 3i's shares and loans in Datanomic, a UK compliance screening and data management software solutions provider.

This investment reflects the management team's confidence and commitment to the business, following another year of consistent triple digit growth, record sales, international expansion and vertical market penetration.

Datanomic has had a hugely successful 2009: expanding into the North American market through strategic partnerships, such as Initiate Systems; securing a global, seven figure contract with Barclays Plc; and winning Data Strategy Magazine's 2009 award for 'Best Use of Data in Technology, Communications and Web-Based Services' for Vodafone's global deployment of Datanomic's dn:Director for Sanctions & PEP Screening solution. The company has also signed significant new customers, mainly in the financial services, telecommunications, retail and local government markets.

As the majority shareholder, DN Capital invested in Datanomic in August 2003 and has worked closely with the company to build its senior management team and develop its international growth strategy. 3i venture capital invested for a minority stake in Datanomic in March 2005. Following a period of strong company growth, 3i is divesting its stake as part of its current strategic focus on later stage growth capital, mid market buyout and infrastructure investing.

Dr Jonathan Pell, CEO of Datanomic, commented, "We're extremely pleased with the acquisition of 3i's stake in Datanomic. It enables the management team to have much greater input into the strategic direction of the business. We are very grateful to the 3i Venture Portfolio team, and to Matthew Mead in particular, for all of their guidance and support offering during their involvement in the business. The change in shareholder structure does not affect our commercial ambitions as we accelerate in to the next stage of our organisational growth and solution development."

Nenad Marovac, Founding Partner at DN Capital, added, 'We are very happy to support the Management led buyout of Datanomic shares. The Datanomic team, led by Dr Jonathan Pell, has demonstrated tremendous performance, growing the business over 100% for the past four years. Datanomic is in a great position and we are strong believers in their Governance, Risk & Compliance (GRC) software solutions, a sector identified by analysts as poised for significant growth. We are also grateful to Matthew Mead and 3i for their support during their involvement to date, and are looking forward to working with Datanomic to continue its successful expansion.'
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