Cheshire SaaS company secures multi-million pound backing
CMAP, a Wilmslow-based Software-as-a-Service (SaaS) company, has secured a multi-million pound investment from NorthEdge Capital.
The funding will be used to support the firm's growing team and global expansion plans.
CMAP’s enterprise platform provides integrated, cloud-based project management and project tracking software to clients across a range of sectors including professional services, architectural, engineering, healthcare, creative and consulting.
Founded by CEO Dave Graham (pictured), it has thousands of users in over 60 countries worldwide, with in excess of $4bn of live projects currently being managed through the system.
The company has grown revenues at 40% per annum over the past four years and currently has 50 employees, with plans to double headcount over the next three years.
NorthEdge’s investment will be used to continue UK growth in key sectors, support the development of the software product and drive further expansion in US markets to meetthe global demand for a SaaS project management platform.
The deal is the third from NorthEdge’s SME fund, launched in 2018, and was led by Phil Frame, Dan Matkin and Maninder Minhas. Phil Davidson, former CEO of hospitality software provider Guestline, will join the business as Chair.
Graham said: “We are delighted to be partnering with NorthEdge and believe that the investment has come at a perfect time for the business. We pride ourselves on providing a market leading product to our customers and this has been a key driver of the strong growth that we have enjoyed to date.
"We believe that the quality of our solution and the investment from NorthEdge will provide the platform to further accelerate this growth in the future, both in the UK and internationally.”
Northedge's technology portfolio already includes Catalis, Cloud Technology Solutions, Cubic Motion, iPortalis, Phoebeus Software and Pimberly.