PGE invests £1m in Concorde Solutions

The investment was made from PGE's first Enterprise Capital Fund, which closed at £34m in September 2009.

David Wilson, who has joined the Concorde board, confirmed that PGE has taken a significant minority stake in the company, and expressed support for its current management and growth plans. He told unquote" that the capital will back the company's launch of a new software-as-a-service platform in 2012 and assist with expansion to global markets to meet demand.

Company
Concorde, established in 2007, develops a software asset management platform allowing organisations to manage their software and licences. The core product, ComplianceConsole, includes spending and compliance management, and scenario planning. Based near Reading, UK, Concorde recorded a £1.8m turnover in 2010.

People
The investment team from PGE was led by David Wilson and supported by Stephen Campbell and Malcolm Kpedekpo. Martin Prendergast is managing director of Concorde.

Advisers
Equity – PKF, Craig Martin (Financial due diligence); HBJ Gateley, David Kirchin (Legal).

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