SEP backs Peppermint Technology with £10m

SEP invested via its SEP IV vehicle, which closed on £200m in early 2012. The fund usually invests between £2-20m in growth-focused technology and technology-related companies in the UK. The vehicle typically provides £5-20m for growth capital investments and £2-10m for venture capital investments.

SEP declined to comment on the size of the stake it secured in Peppermint following its investment. The VC firm stated it had come into contact with the business having known Peppermint CEO Arlene Adams for a significant period of time, although Grant Thornton managed the transaction on behalf of Peppermint.

Peppermint's original investor, OLM Systems – a provider of technology and consultancy services to the care sector – will remain a shareholder in the business following the transaction.

Peppermint stated it would use the fresh funding and SEP's support to develop its products and team, in response to the increased demand it is seeing from legal and dispute management firms.

Company
Founded in 2010, Peppermint provides legal and dispute management software used by professionals in this sector. It claims to have more than 5,000 users across 30 firms, with clients including Blake Morgan, Penningtons Manches and Ombudsman Services.

Based in Nottingham and employing 60 staff, Peppermint claims to have doubled revenues every year for the past three years. SEP declined to comment on the company's financials.

People
Gordon Beveridge led the deal for SEP. Following the transaction, Peppermint appointed Neville Davis as chair and Mike Kent as CFO.

Advisers
Company – Grant Thornton (Corporate finance).

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