Condeco Raises $30m to Power New Era of Workplace Tech
Announcement comes as London Technology Week highlights home-grown tech
Global software company Condeco today announces that it has raised $30 million (€27m) to consolidate its position as the world’s leading provider of workplace management technology. Led by Highland Europe, the investment, representing a minority interest, is a significant amount raised outside of Silicon Valley. It will be used to accelerate the London-based company’s expansion across the U.S., Europe and Asia.
The announcement coincides with the start of London Technology Week, which showcases the best of London’s tech innovation. Condeco, winner of a Queen’s Award for Enterprise in the innovation category earlier this year, is a prime example of this best-in-breed technology.
By empowering teams within businesses to meet and interact more efficiently, Condeco is continuing to build a global footprint servicing blue-chip clients. Its suite of sophisticated workplace management tools offer game-changing capabilities to meet all the latest workplace demands – from ensuring high pressure global meetings run smoothly, to providing staff with important collaborative spaces – and have already become indispensable to multinational brands such as Barclays, Reuters and Unilever.
As work increasingly moves to the cloud, Condeco is pushing the corporate real estate sector forward. The company’s recent acquisition of U.S. unified communications firm myVRM, which will enable clients to manage their virtual communication resources as well as their bricks-and-mortar offices, enhances Condeco’s offering and signals the company’s ambitions for continued expansion, says Paul Statham, founder and CEO of Condeco Software. “This investment comes at the perfect time for Condeco, as it will fuel our growth as we pursue further strategic acquisitions across North America, Europe and APAC. We will also invest in our solutions for the vitally important SME market.
“Rapidly increasing demand for workplace utilisation tools has enabled us to widen our global capability, meaning that we are now reaching 12 geographies worldwide,” he continues. “We’ve also been able to scale our operations – for instance, through our recent acquisition of myVRM – so that we have the ability to radically transform the way people work. We are very excited to be joining with Highland Europe to start this new chapter in Condeco’s story.”
Laurence Garrett, partner at Highland Europe, adds: “In Condeco, we are teaming up with an established, proven business, whose success is matched by their hunger and vision for innovation and further market development. Paul is that rarest of breeds – a seasoned operator, fired up with entrepreneurial passion, who’s on track to create a new gold standard in office and workplace technology.
“It’s surely fitting that this investment coincides with London Technology Week, which celebrates London as a powerhouse of innovation, because we are certain that Condeco will remain a striking example of the capital’s technology prowess for many years to come,” he says.
About Highland Europe
Highland Europe is exclusively focused on Growth Stage internet, mobile and software businesses. Launched in 2012 and with over €580m ($640m) in Assets Under Management across two funds, the firm’s origins were as the European operations of Highland Capital Partners, a US VC firm. Highland Europe is based in London and Geneva and its current portfolio includes MatchesFashion.com, GetYourGuide, WeTransfer, Nexthink, and Malwarebytes among many others. To find out more visit www.highlandeurope.com
Condeco Software is the fastest growing company in workspace utilisation and space scheduling, with revenue growth hitting 50 per cent year on year to reach over £15 million by the end of the fiscal year May 2015, including a 30 per cent growth in new clients. Its world-class suite of workspace management solutions are becoming essential tools in the strategies employed by senior business leaders heading up major multinational brands such as Barclays, Chevron and GE to optimise their real estate and transform the way they operate their business.
Condeco’s pioneering software and hardware solutions, which are fully connected and simple to manage, recently received a Queen’s Award for Enterprise, the highest business award in the UK. Condeco’s success came in the Innovation category, highlighting the company’s ability to bring world-leading R&D to market and emphasising their importance to the wider business community. The company’s exceptional growth has also seen Condeco twice listed in the prestigious Sunday Times Tech Track 100 as one of the fastest growing technology companies in the UK. Condeco has also been named as a Leap 100 Company by City AM, identifying it as one of the fastest growing, most exciting companies to watch in the UK. Headquartered in London, the company’s global footprint has rapidly expanded to 12 locations around the world, with operations in the US, EMEA and Asia Pac and a global staff growing to over 250.