Private equity house NorthEdge Capital has announced a multi-million pound investment in Wilmslow-based software-as-a-service (SaaS) company CMAP.
CMAP, which also has offices in Orlando, provides enterprise software to clients across a range of sectors in more than 60 countries.
NorthEdge said the investment will support CMAP’s growing team and global expansion plans as it hopes to drive further expansion in US markets to meet the global demand for a SaaS project management platform.
Dave Graham, founder and CEO of CMAP, said the investment will provide a platform to “further accelerate this growth in the future, both in the UK and internationally”.
He said: “We pride ourselves on providing a market leading product to our customers and this has been a key driver of the strong growth that we have enjoyed to date.
“The demand for a fully-integrated end-to-end project management software solution with a focus on improving profitability is driving significant growth in our core markets.”
He added: “This funding means that we can continue to invest in product innovation and the build out of our team to capitalise on the opportunity.”
The investment will also be used to continue growth in the UK in key sectors and support the development of the software product.
The company, which employs 50 members of staff, plans to double headcount over the next three years.
The announcement marks the third deal from NorthEdge’s SME fund, which launched in 2018.
Phil Frame, director and head of north west at NorthEdge, said: “CMAP has established a strong market position with its scalable SaaS solution that meets a significant market need.
“Its team of software experts has built a growing presence in the US which provides significant opportunity for the business in the future.
“CMAP is an excellent addition to our expanding portfolio of technology companies, which includes Catalis, Cloud Technology Solutions, Cubic Motion, iPortalis, Phoebeus Software and Pimberly.”
