Edinburgh software specialist Sharktower acquired in multi-million-pound deal

Edinburgh-based software specialist Sharktower has been snapped up by larger peer Proteus in what is understood to be a multi-million-pound deal.

Software-as-a-service (SaaS) outfit Sharktower is behind an “intelligent change” delivery platform that has been used by the likes of BP. The system can track what is happening across a business and alerts managers when goals and targets are not being met.

As Proteus takes full ownership of the capital firm, the deal provides an exit for the investor base including main backers Equity Gap and Scottish Enterprise. It marks the second positive exit for Equity Gap investors in three months.

Craig Mackay, Sharktower’s chief executive, will become chief technology and product officer at Proteus, while his co-founder Lynsey Taylor will be Proteus’ chief client experience director. Mackay joins the executive team, which is made up of Jason Sahota (chief executive), Tony Russell, Lorainne Nichols and Ronnie McCombe (chairman).

Jason Sahota, Craig Mackay and Lynsey Taylor. Picture: Maxime Ragni, KISS Photography & Design

Mackay said: “For too long, businesses have seen change as a necessary evil, often prompted by crisis or failure. But we are living in a period of continual change; economic, technological and social shifts are transforming business, and the pandemic has only accelerated the need for leaders to see change as part of everyday life if they are to build a sustainable future.

“We’re proud to join forces with Proteus to become the only platform dedicated to continual data-driven business change. There is a strong cultural and ideological fit, and we’re confident that by combining our technology, data, and codified expertise the business will go from strength to strength.”

In the past year, Sahota has overseen top line growth of Proteus’ client base by 35 per cent and doubled the firm’s headcount.

He said: “This is the beginning of a new dawn for managing and predicting change in organisations globally. The Sharktower platform is second-to-none, and by bringing it into the Proteus product suite we are offering something truly unique to the market.

“Businesses are growing tired of the ‘land and expand’ approach from traditional consultancies, which create a dependency on outsourcing change and fail to upskill teams for the future. Leaders need a new solution.”

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