A company that works to reduce the need for human beings in dealing with correspondence, invoices, human resources documents and insurance claims has been given a £2.5million boost for growth.
This injection of capital from the Business Growth Fund (BGF) to Celaton, in Noble House, Capital Drive will support the development of sales and marketing to increase sales in the public and private sectors.
Celaton co-founder and chief executive Andrew Anderson said he believed the need for cuts in the public sector could aid the firm’s growth.
Mr Anderson said: “Celaton software is transforming the way that organisations handle their inbound information streams and, as a result, we’ve attracted an enviable high-profile customer base.
“We’re keen to maximise our growth in our core sectors and penetrate further into the public sector where we know there is a significant need to improve productivity and reduce costs. Celaton is incredibly well placed to take advantage of this with the addition of BGF’s expansion capital and an enhanced management, sales and marketing team.”
Celaton worked with the Mazars corporate finance team in Milton Keynes and the finance experts think Celaton is just the kind of business the new city needs.
Stephen Harris, corporate finance director at Mazars, said: “Successful entrepreneurial businesses like this will always appeal to investors and are just what this area needs to help re-emphasise what a commercial gem Milton Keynes city has become.” He added Celaton has pre-empted what the market will ask for before developing a product.
Celaton also has a commitment to provide sustainable employment for people with disabilities through a subsidiary company called Redrock.
Tim Whittard, investment director at BGF, added: “We were convinced that Celaton is a company with huge growth potential and ready to take on expansion capital in order to take the business to the next stage. It has a strong pipeline of prospects and the strengthening of the Celaton sales team will only increase this.”