Aberdeen-based tech solutions company, STC INSISO, has announced a £2 million investment from BGF to support a growth strategy focussing on the company’s expanding suite of software products.

STC INSISO’s problem-solving products are used across industries including oil and gas, construction, marine, and utilities.

Its COMET software platform, which will accelerate its roll out thanks to BGF’s investment, generates input data to identify systemic risk, providing users with a foundation to make sound decisions ensuring future incident prevention.

The investment has already resulted in the creation of three new product development positions, and further recruitment will continue this year. The company’s annual revenue is also predicted to grow over the next two to four years, and was clocked in at £4m in 2022.

Mark Rushton, CEO at STC INSISO, said: “BGF’s investment proposition was particularly attractive to us for two reasons; firstly because of their strong track record of supporting innovative Scottish businesses, and secondly because of their people who gave us immediate confidence and were culturally aligned to our team from day one of the journey.”

BGF is one of the most active investors of equity capital in growing companies in the UK and Ireland. Its Scotland and Northern Ireland team reported strong momentum in 2022, investing £42m in a range of growth economy businesses.

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Keith Barlcay, an investor who lead the BGF deal said: “STC INSISO has an impressive software product portfolio which has proven invaluable to professionals in a wide range of industry sectors. The team’s bold ambitions have been evident in each of our interactions, and I look to working in partnership with them to see these materialise.”

Arrash Nekonam, Chief TechnologyOfficer at STC INSISO, said: “Our overall objective is not only to grow vertically, but to maintain our track record of consistently delivering for our clients across a range of industry sectors as demand for our software solutions continues to increase. We are delighted that BGF will embark on this journey with us.”

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