Co-Fund NI-backed AuditComply exits after sale to Canadian agency Nulogy

AuditComply has obtained backing from Co-Fund NI, BGF, First Derivatives and the British Enterprise Financial institution.

Belfast compliance software program developer AuditComply has made a profitable exit after being bought by Toronto-headquartered cloud-based manufacturing software program firm Nulogy for an undisclosed quantity.

AuditComply is behind a top quality administration platform for producers that tracks suppliers, serving to its purchasers improve throughput and enhance high quality. Led by Kevin Donaghy and Susan Fitzsimmons, the corporate has prospects the world over utilizing its software program in 20 totally different languages, the corporate stated.

Co-Fund Northern Eire, established by Make investments NI and managed by Clarendon Fund Managers, invested in AuditComply in 2015 alongside numerous personal angel traders. In 2017, the corporate secured additional funding from BGF and First Derivatives, and later from British Enterprise Financial institution by way of its Regional Angel Programme.

“We’re excited in regards to the subsequent chapter for the enterprise as a part of Nulogy,” stated Donaghy, AuditComply’s CEO. “AuditComply and Nulogy have a shared imaginative and prescient of empowering producers with the information and digital help they should successfully handle and scale their operations in at this time’s market.”

Co-Fund NI makes business investments into companies alongside personal traders. The investments sometimes vary between £150,000 and £500,000 into high-growth corporations in anyone spherical, with complete investments going as much as £2.5m throughout a number of rounds. AuditComply’s buy marks a profitable exit for Co-Fund NI.

“We’re actually happy for the AuditComply group and want to congratulate Kevin and Susan on securing this partnership with Nulogy,” stated Brian Cummings, the funding director at Clarendon Fund Managers.

“Whereas this ends in a profitable exit for Co-Fund NI, it’s also a excellent news story for the Northern Eire financial system because it gives an additional indication of how worldwide traders view the calibre of enterprise now we have on this a part of the world, throughout a variety of sectors.”

The third iteration of Co-Fund NI, the £39m Co-Fund III, was launched earlier this yr and is predicted to leverage greater than £60m of extra funding from the personal sector.

The primary two Co-Funds resulted in a complete funding of £53m in 102 corporations up to now throughout greater than 370 funding rounds. The funding attracted extra funding of £119m from personal traders and an additional £211m from institutional traders.

Co-Fund NI has additionally backed Cumulus Neuroscience, Amply and Retinize simply this yr.

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