LONDON (Reuters) - Concentra Analytics, a British company whose software helps companies optimize their staff, has raised 41 million pounds ($56.4 million) in a funding round led by One Peak Partners and co-investors including Morgan Stanley.
Founded in 2008 by Rupert Morrison, Concentra uses data analytics to model and track a company’s operations, allowing it to deploy its staff more effectively, identify skills gaps and streamline job roles.
Joseph Schull, the former head of Europe for Warburg Pincus, also participated in the round, and joins the company as chairman, Morrison said.
The equity raise - the company’s first major round after a couple of rounds of seed funding - would help it to extend its international footprint and continue investment in its software-as-a-service solutions, he said.
“We’ve been cautious to date and that was prudent,” he said.
“But we’ve proved that we can make a profit, we’ve proved that we can scale and grow and have a world beating product, and now is the time to try and grab the market as fast as possible.”
He said the company’s revenue would be around 20 million pounds this year, up from 8.3 million pounds two years ago.
Reporting by Paul Sandle; editing by David Evans