Business Growth Fund (BGF), established by Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland, Santander, Standard Chartered and the British Bankers’ Association, has invested £6m in Petrotechnics, a Scotland-based provider of software solutions for managing operational risk and performance in hazardous industries. This is BGF’s fifth investment in the oil and gas sector and brings the current total invested in Scottish small and medium enterprises (SMEs) to £30m. BGF’s £6m funding will support the next stage in Petrotechnics’ growth strategy, enabling expansion into new geographies, recruitment of more people, and ongoing investment in the software products. Mike Sibson, BGF investment director, said: “Petrotechnics has demonstrated its ability to deliver complex software solutions to major oil and gas companies throughout the world. There is an increased priority on the management of operational risk and safety in hazardous industries, with several major incidents over the last decade demonstrating the potential consequences of poor control of work. The investment is a great fit for BGF, which was established to invest growth capital in the UK’s ambitious SMEs.” Phil Murray, chief executive officer of Petrotechnics, said: “We are delighted to have BGF join the team and we look forward to their guidance and contributions in taking our company to the next level of growth. We believe there is a big opportunity for customers to significantly improve their operational performance and improve how they manage operational risk.” Advisers to the transaction were AAB, KPMG, Burness, Paull & Williamsons, Raeburns and Intuitus.
Sectors
- News & Analysis
- Home
- Global Corporate Venturing
- Global University Venturing
- Latest News
- Publications
- Podcast
- Deal Data
- Video
- Subscribe
- Newsletters
- Community & Events
BGF hazards investment in Petrotechnics
Jun 9, 2013 • Quentin Carruthers
LEADERSHIP SOCIETY
Informing, connecting, and transforming the global corporate venture capital ecosystem.
The Global Corporate Venturing (GCV) Leadership Society’s mission is to help bridge the different strengths and ambitions of investors across industry sectors, geography, structure, and their returns.Featured Content
FUNDING ROUND DATA Which corporates are backing which startups? Search our corporate deal database.FUNDING ROUND DATA
Which corporates are backing which startups? Search our corporate deal database.
About us
GCV provides the global corporate venturing community and their ecosystem partners with the information, insights and access needed to drive impactful open innovation. Across our three services - News & Analysis, Community & Events, and the GCV Institute - we create a network-rich environment for global innovation and capital to meet and thrive. At the heart of our community sits the GCV Leadership Society, providing privileged access to all our services and resources.
Navigation
test regLogin
Not yet subscribed?
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.Accept Read MorePrivacy & Cookies PolicyPrivacy Overview
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.