The investment arm of Scottish Enterprise has ploughed £1.8 million into Encompass Corporation, the Glasgow-based software group.
The injection into the business, which established its head office in Glasgow last year, has been matched by a £1.8m co-investment from Australian private equity firm Adcock.
Encompass specialises in “visual analytics” products for the asset-based lending, corporate insolvency, financial services and legal markets. It works with 12 data partners, including Companies House and the Land Registry, to carry out legal and regulatory checks on the undisclosed financial assets of individuals and companies to comply with issues such as anti money-laundering rules.
The group, founded in Australia in 2012, employs about 60 people, of whom 32 are in the UK.
Encompass co-founder and chief executive Wayne Johnson said: “The overwhelming support by Scottish Enterprise and Scottish Investment Bank will ensure that Encompass can speed up its expansion and support the company’s growth in Glasgow.
“We can fast-track our product development, focusing specifically on Encompass Confirm, a soon-to-be-launched solution for financial services firms, many of whom have their head office in Scotland and are under increasing regulatory pressure to ensure the individuals and companies that they work with are financially sound and behaving in an appropriate manner.”
Scottish Enterprise provided a grant worth up to £357,000 to help the company set up its Glasgow base, and Kerry Sharp, head of the development agency’s Scottish Investment Bank arm, said: “Encompass is a great example of the innovative companies that Scottish Enterprise is keen to attract to Scotland and the investment will allow the company to expand and develop its Glasgow operation.”