BGF backs Inoapps with £10m

The fresh capital will be used by Inoapps to make acquisitions to increase its customer offering and accelerate further international expansion.

BGF and Inoapps plan on appointing a chairman with experience of both the industry and entrepreneurship to support the company's development following the capital injection.

This is the seventh, and largest, investment completed by BGF in Scotland to date. So far, the firm has invested £36.9m into the country.

Company
Founded in 2006, Inoapps is headquartered in Aberdeen with additional offices in Edinburgh, Derby and Kuala Lumpur. The company employs 200 staff and recorded turnover of £20m for the year ending July 2013.

Inoapps originally focused exclusively on implementing Oracle applications into the oil and gas industry. The company now also operates within the construction and defence industries, as well as the public sector. Inoapps operates in Europe, the Middle East and Africa.

People
Andy Bird is the founder and CEO of Inoapps. Mike Sibson, an investment director at BGF, will join the company's board of directors.

Advisers
Equity – Dundas & Wilson (Legal); Campbell Dallas (Financial due diligence).
Company – Burness Paull (Legal).

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• Topics
• UK / Ireland
• Expansion
• Technology
• United Kingdom
• BGF (Business Growth Fund)