Foresight Group has made a £2.5 million growth capital investment into Accrosoft Limited on behalf of VCT funds managed by Foresight.
Based in Loughborough, Accrosoft is a software as a service company with two products currently in the market, Vacancy Filler, an Applicant Tracking System which automates the recruitment process for organisations and Weduc, an engagement tool to enable parent-teacher communication.
Accrosoft was founded in 2008 by Alex Khakbiz and Mitesh Chauhan, experienced SaaS entrepreneurs. Vacancy Filler, launched in 2013, automates much of the recruitment management process for businesses. The product now boasts over 200 customers across a range of sectors, including supermarket Aldi, which manages over 4,000 daily applications.
Weduc, which enables parent-teacher-student communication and engagement, was launched in 2017.
The Company will use the investment to drive the continued growth of the business across both products through new hires and initiatives. Foresight has introduced Tim Duffy as Chairman. Tim co-founded collaboration technology business MeetingZone and was previously Chairman of Esendex, a Darwin investment, where he oversaw significant growth before exit to HG Capital in 2017.
Mike Quinn will join the board of Accrosoft at completion. The investment in Accrosoft represents the fifth new VCT investment in 2018 by Foresight’s highly active Private Equity Team.
Mike Quinn, Director, Foresight Group, commented: “Foresight is delighted to be backing a proven management team with a successful track record of growing and exiting software businesses and we believe they have another exciting opportunity to create value again. Accrosoft has two different but highly functional products that are attractive in their respective markets.”
Alex Khakbiz, CEO and Founder, Accrosoft, commented: “We are pleased with all of the support that Foresight has given to us and their investment has come at the right time to accelerate our growth. Our competition is on a global scale, so we must be innovative and forward-thinking; therefore, continuous improvement is a must. With Foresight’s support, I believe that we can become a market-leading software provider.”