MMC exits Invenias via trade sale to Bullhorn

Kenny Wastell
25 July 2018

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MMC Ventures has sold its stake in Invenias, a UK-based provider of search software for the recruitment sector, to US trade buyer Bullhorn, a portfolio company of Insight Venture Partners and Genstar Capital.

Since the vendor first invested in the business, Invenias has undertaken an international expansion strategy, including the establishment of a San Francisco office in 2015. It has also invested in product development and undertaken a recruitment drive.

Following the deal, Invenias CEO David Grundy and its chief technology officer and chief product officer, Richard Harrison, will remain in their roles.

Previous funding
MMC first invested in Invenias in 2013, participating in a $1.5m round in which Eden Ventures founder Mark Farmer also committed capital. The firm committed to a follow-on round totalling $500,000 in March 2014 before investing a further $2m the following December.

Most recently, MMC led a $2.8m round of growth capital funding for the company in April 2016, with the VC investing $1.1m and Clydesdale & Yorkshire Bank providing a $1.7m debt package.

Company
Founded in 2005 and headquartered in Reading, Invenias develops cloud-based search software operating inside Microsoft Outlook that allows recruitment firms to track assignments and maintain relationships with clients and candidates. The business has 65 employees serving the US, EMEA, and APAC regions. Its clients include Harvey Nash, Odgers Berndtson USA, Robert Half Executive Search, Sheffield Haworth and Skillcapital.

People
Invenias – David Grundy (CEO); Richard Harrison (chief technology officer, chief product officer).