PE house NVM Private Equity has backed Scottish health and safety software provider SHE Software.
With the fresh funding, the company is planning to open a new office in the US with 15 new hires, as well as double the headcount of its team at its headquarters in Scotland.
NVM investment director Charlie Winward will join the board as a non-executive director.
The private equity investor launched its third vehicle, NVM Private Equity Vintage III, with a target of £150m, and held a first close for an undisclosed amount in May 2017, according to Unquote Data.
The fund is looking to hold a second close by the middle of 2018, and will typically look to make investments between £2-15m in management buyouts in the UK small- and mid-market.
Founded in 1995 and headquartered in East Kilbride outside Glasgow, SHE Software is a health and safely software provider. Its main product, Assure, is a platform that manages, records and reports health, safety and compliance issues for companies.
The company employs a staff of 60 and is used by 850 organisations globally.
NVM Private Equity – Charlie Winward (investment director).
SHE Software – Matthew Elson (CEO).
Shares are sold by shares were held by CapMan Buyout X Fund A and CapMan Buyout X Fund B
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Fund targets companies operating in the healthcare industry, primarily pharma, medtech and outsourced services