Arkk’s for:sight platform attracts £5m to give leading companies confidence in their tax and regulatory reporting
Mobeus has invested £5 million of growth capital in Arkk, a UK-based Software as a Service provider that digitises regulatory reporting, which is increasingly required by authorities worldwide.
Founded in 2009, Arkk recently launched for:sight, a new software platform that simplifies burdensome processes, reduces the potential for non-compliance, and frees up the finance function to focus on value-adding tasks. Arkk has over 800 clients in 20 countries, including a quarter of the FTSE 350 and 10 of the top 20 UK accounting firms.
Mobeus’s capital will support Arkk’s plans to invest in sales, marketing and new product development to accelerate its strong position in the UK tax and regulatory reporting market.
Mobeus Investment Partner Amit Hindocha led the deal for Mobeus, supported by Amaad Mahmood. Mobeus Partner Bob Henry joined the Board at completion.
Amit Hindocha says:
“As tax authorities increase pressure to boost revenues and improve transparency through digitising all tax and compliance reporting, Arkk has a fantastic opportunity to leverage its unique platform, strong reputation in the regulatory reporting market, and very loyal customer base. Manual tax processes no longer serve the needs of companies that are going global, adopting new business models and managing complex geo-political issues like Brexit.”
Richard Metcalfe, Arkk CEO, says:
“Mobeus’s investment in Arkk comes at a tipping point for transforming tax and reporting functions. CEOs trying to steer companies through a tough competitive and regulatory environment can no longer afford to get tax wrong. The timeliness and accuracy of external reporting underpins a company’s standing with investors, regulators, customers, employees, suppliers and society.”