Reading tech law firm Boyes Turner has advised on an investment deal which will help to drive growth at an innovative financial technology company.
The team from Thames Valley-based Boyes Turner acted for Mobeus Equity Partners LLP on its injection of growth capital into ARKK Consulting Ltd. ARKK is a UK-based Software as a Service provider that uses smart technology to help finance teams to unify, process and gain insights from their data more quickly and accurately.
Having first backed ARKK in 2019, when the business had just launched its software platform for:sight, Mobeus has now invested more than £7 million.
Since Mobeus’s initial investment, ARKK has developed the for:sight platform, as well as its team and operations. With this further investment round, ARKK will progress additional for:sight features and modules to meet growing demand from clients, including a significant number of FTSE 350 companies and accountancy firms.
As part of this financing, Mobeus has strengthened the Board through the addition of Graham Ridgeway as a Non-Executive Director, who will provide additional B2B software experience.
The investment comes as tax authorities globally increase pressure to improve accuracy and transparency through digitising tax and compliance reporting.
Boyes Turner’s Head of Corporate Kate Eavis led the team in the latest deal for the specialist tech law firm. She said: “Since it was founded in 2009 Arkk has shown its growth potential, attracting clients in 20 countries world-wide. Digital regulatory reporting is increasingly being demanded by tax authorities and it is great to advise on a deal that injects growth capital into such an innovative business in this space.”
Richard Metcalfe, ARKK CEO, said: “for:sight’s successful application to Making Tax Digital has driven growth to date. Strong demand for further functionality from our client base is propelling innovation and this additional funding from Mobeus will allow us to unlock that growth more quickly by overcoming the challenges faced by finance leaders.”
The Mobeus deal team comprised Matt Mead and Amaad Mahmood. Amaad added, “We’re incredibly excited to continue to back ARKK’s high quality team, who have shown incredible resilience over COVID and grown the business across all segments, including a significant increase in recurring revenue.”