Concorde Solutions, a leading provider of business analytics for managing software compliance, vendor performance and spend across Hybrid IT, has secured a multi-million dollar investment. Panoramic Growth Equity has backed the company since 2011.
The company raised $2.5 million in new investment led by new investor, JMI Services, LLC, and included participation from Panoramic Growth Equity and Elderstreet, both of whom are existing investors. Concorde will use this infusion of capital to expand both its geographic coverage and its sales programs, as well as continued product investment.
Established in 2007, Concorde has developed a custom-built SaaS product, Core Control, to aggregate all of the software and licensing information available within an enterprise and provide advanced data analytics across disparate Hybrid IT estates. In addition to an accurate audit of a client’s software, Concorde also identifies ways to reduce costs, mitigate risk and transform business processes.
As part of this investment round, Charles Noell joins the Board bringing with him his experience as a technology investor. Mr. Noell, who is an experienced technology investor, joins the board of Concorde Solutions. In 1992, Mr. Noell co-founded the private equity firm, JMI Equity, which focuses on investing in leading software and technology-enabled services companies. JMI Equity has invested in over 110 companies, helping many of these businesses become industry leaders. Additionally, he is president of JMI, which is the family investment company of John J. Moores, who founded BMC Software, Inc. His previous investments have included ServiceNow (NYSE:NOW). He brings with him an enormous amount of experience not only in the investment sector, but particularly within the technology arena.
Martin Prendergast, CEO of Concorde Solutions, stated: “We welcome Charles’s appointment to the Board and look forward to working with him particularly given his track record at JMI Equity, ServiceNow and other software companies. His experience and strategic insights will be invaluable as we plan for continued growth and expansion. The latest version of our Core Control software asset management platform was met with overwhelming acceptance with customers lauding the simple deployment, ease-of-management and enhanced analytics. From this we have built a strong pipeline and look forward to significant growth over the next year. The timing of this latest round of investment is perfect. We are seeing a dramatic increase in interest from customers and the market, especially in areas such as managing migration of software contracts to Cloud services and monitoring Cloud vendor performance. This new funding will allow us to bring new innovation to market faster, as well as grow our direct and channel strategies with extended geographical reach.
Founded in 1992, JMI has invested in software companies, sports teams, real estate, and energy. Its investments have included several companies which have gone public, including ServiceNow. Panoramic Growth Equity is a leading investor in fast growing entrepreneurial companies having been founded by Stephen Campbell, David Wilson and Malcolm Kpedekpo to provide growth equity for growth companies.
Panoramic Growth Equity is able to put up to £3.4m of capital into any one portfolio company. Of this follow investment, Panoramic’s David Wilson who sits on the board of Concorde Solutions, commented:
“This additional investment from Panoramic highlights our desire to continue funding businesses that we back along the growth cycle. The investment by JMI is an extremely positive recognition of the growth that Concorde has achieved since our investment as well as the development of its product suite. We will continue to support Concorde through our involvement on the board and look forward to working with JMI as the company broadens its geographic reach and continues to expand its operations.”