WARRINGTON-based double Queen’s award-winner, DriveWorks has received a £4m investment from BGF – the UK’s most active growth capital investor.
The fast-growing technology company that works with manufacturing and engineering businesses to provide innovative design automation and 3D sales product configuration software solutions was co-founded by CEO Glen Smith and VP Maria Sarkar in 2001.
Together they helped create DriveWorks software as a design tool to automate SOLIDWORKS, the world’s leading 3D CAD design platform. With an already established userbase in the US, DriveWorks’ technology has truly global reach and is utilised by thousands of customers across 47 countries.
BGF’s funding will support continued investment in technology to accelerate growth and position the business to address the significant market demand for customised 3D product visualisation in an increasingly virtual world.
Commenting on the deal, co-founders Glen Smith and Maria Sarkar said: “Our company is built on innovative technology, high standards and above all else the quality and commitment of our people to our customer base and channel partners.
“With BGF’s support, we have an opportunity to build on our growth with continued investment in our software and focus on international expansion into new and existing markets. We’ve been impressed with BGF and their expertise in supporting the scale-up of technology businesses in our sector which will be key to achieving our ambitions for DriveWorks.”
Harry Jones from BGF originated and led the deal. He said: “DriveWorks is an excellent business with unique and world-leading technology which has significant global potential to help manufacturing companies generate more sales whilst also driving efficiencies in their production processes. We have also been impressed by the founders’ commitment to their team and investing in talent within the business which gives a strong cultural alignment between our organisations. All of these elements, combined with our support, investment and attractive sector fundamentals, mean DriveWorks is primed to scale its operations.”
“This is a sector BGF knows well having previously backed Solid Solutions – the UK’s largest reseller of SOLIDWORKS, in 2016 which more than tripled revenues through significant organic and acquisitive growth over a four-year period before a successful exit last year.”
The advisors to the transaction were: Knights (Legals for BGF), DTM Legal (Legals for Management), Mattocks Grindley (Financials for Management) and Hurst (Tax DD).
