Manchester-based private equity firm NorthEdge said it has invested in Newcastle-headquartered employee engagement software platform Oak Engage.
The deal marks a successful exit from Oak Engage for Maven Capital Partners, which said the sale to NorthEdge “has generated a strong return for investors.”
Headquartered in Newcastle, Oak Engage provides a mobile-first employee engagement and intranet platform which supports businesses to build a culture, enhance productivity and boost operational efficiency.
“Oak Engage is trusted by major brands such as NatWest Group, ScS, Burger King UK, Five Guys, Aldi, and Halfords and has achieved strong growth with clients that are seeking to engage a disparate, frontline worker employee base,” said NorthEdge.
“The customisable platform acts as a central hub to reach and engage deskless workforces, giving them easy access to company news and key documents.
“It also uses AI to deliver personalised communications, making it as easy as possible to get the right message, to the right people, at the right time – wherever they are located.
“The company’s success has been driven by a senior leadership team who have extensive experience in scaling software businesses.
“Will Murray, CEO, has proven expertise in growing SaaS companies and has successfully led the growth at Oak Engage since 2019.
“Jake Armstrong, CFO, joined the business in 2021 following an expansive career in practice and industry, including acting as a fractional CFO for a number of Tech and SaaS organisations.
“Our investment will support the business to invest in its commercial team to accelerate growth; refine and enhance its go-to-market strategy; and invest in systems and processes to enable data-driven decision making, alongside continued investment into the product.
“The deal was led by Jon Pickering, Partner; Dan Matkin, Director; and Simone Masterson, Investment Manager.”
Dan Matkin, Director at NorthEdge, said: “We are delighted to be backing Will and the highly ambitious team at Oak Engage to continue the growth of the business following their success over the last few years. The business operates in a fast-growth market that continues to evolve at pace, Oak Engage’s well-invested platform means they are well-placed to capitalise on the increasing demand for employee engagement tools.
“Over the last five years, NorthEdge has been the most active B2B software investor in the regional market. This has enabled us to establish a strong track record of supporting and scaling B2B SaaS businesses based in the UK regions; and we look forward to continuing this success with Oak Engage.”
Oak Engage CEO Will Murray said: “Oak Engage is an ambitious and fast-growing business and this marks a significant milestone in our journey. It’s a powerful endorsement of our vision for the future and a testament to the dedication and hard work of the team.
“I’m proud to lead the company at such a pivotal time and to have the backing of NorthEdge as we cement our position as leaders in the industry. We remain firmly committed to investing in our growth, our people, and our product to ensure we continue delivering exceptional experiences for our customers and their employees.”
Michael Vassallo, Investment Partner at Maven, said: “Our partnership with Oak Engage has been both highly productive and rewarding for all involved, which is testimony to the skill and strategic insight of CEO Will Murray and his talented management team.
“Over the course of the investment period, we have supported the business in executing its go-to-market strategy for its cloud-based SaaS product, built an impressive customer base of major global brands, and accelerated revenue growth. From being a business with high potential, we are delighted to see Oak Engage now established as a global player offering a comprehensive, feature-rich solution to businesses looking to foster a stronger company culture.”
Oak Engage CEO Will Murray added: “Working with Maven has provided valuable strategic direction and support, helping us to scale our operations, enhance our technology, and extend our international reach.
“We are proud of the progress we have made together and look forward to building on this momentum with NorthEdge as we continue our mission to redefine employee engagement for businesses worldwide.”