Datactics Announces £2m Growth Round As Demand For Pure-Play Data Quality Soars
Par Equity and Kernel Capital lead second round of investment alongside Clarendon Fund Managers and existing investors after record revenues for 50-strong data quality software vendor.
Belfast, Edinburgh, Dublin, London, New York May 7th 2021
Leading Northern Ireland software company Datactics has today announced a £2m investment round. The funding will be focused on business acceleration and includes new hires for business development in London and New York as well as dedicated staff for partnership development. The company is additionally actively seeking strategic partnerships in its key markets of RegTech and GovTech.
Datactics specialises in user-friendly data quality and matching software to empower business users to self-serve for high-quality data – saving time, reducing costs, and reinforcing regulatory compliance. Its use of explainable machine learning delivers additional benefits through predicted data matching, automated rule generation and the data preparation necessary for building complex AI models.
With new client deals secured in Amsterdam, New York, and London in the past 12 months, Datactics has seen strong business growth, as evidenced by finishing 17th in the Deloitte Fast50 Ireland in 2020.
“It’s clear that in 2021 businesses are stating that data quality has never been more important” commented Stuart Harvey, Datactics CEO. “We are seeing major investment in data governance worldwide, with firms investing heavily in data management tools for governance and metadata management. Datactics’ core strength in the area of self-service data quality and matching is an essential requirement for many firms wishing to identify broken data and fix it. Now with this new backing from our investors, we’re excited about adding more blue-chip clients and putting people in-market in New York and Tokyo before the end of the year.”
Data quality and its centrality to business success have come into sharp focus in 2020 in particular, as firms have tackled the challenge that a global pandemic has created. The onus has been on business users to make sense of their data but in many firms this functionality is limited to programmers in a central IT team, creating bottlenecks, sizeable productivity losses and exposing companies to increased risk of regulatory fines for non-compliance.
Not so with Datactics.
“Our platform allows companies to centralise the controls necessary for data management, but crucially federate out the fixing of broken data to subject matter experts – the people who know what good looks like. It’s a fully cloud-enabled solution that our clients can deploy rapidly, and within weeks are able to measure, report, improve and gain assurance in their critical data quality assets,” added Mr Harvey.
Aidan MacMillan, Investment Manager at Par Equity said,
“Datactics has an extremely strong technology platform and some great clients. Its revenues have more than doubled in the last two years and we are confident this growth trajectory will continue. Data management tools are increasingly important across all industries. The growth opportunities are very attractive. The Datactics AI solution is designed to be easily explainable, which makes risk averse clients, like banks, more comfortable with adopting the technology. We’re very pleased to continue to our support of Datactics.”
Par Equity has been joined in this investment round by existing investors, Kernel Capital and Clarendon Fund Managers.