Maven Capital Partners has exited My Digital Accounts, a provider of cloud-based payroll and accounting software, following a private management buyout.

CEO John Whelan, 57, confirmed to BusinessCloud that he had taken the “highly unusual” step of taking out an institutional investment with private money – via a personal re-mortgage – to own 51% of My Digital again.

The My Digital platform is a fully integrated, secure and scalable system to help clients accurately process payroll runs at speed, with an aim to improve all facets of payroll processing whilst minimising overheads.

Designed for umbrella companies, accountancy practices and staffing agencies active in the temporary workforce sector, the business now supports over 70 companies to enable temporary workers to get paid accurately and on time.

In 2019, NPIF – Maven Equity Finance, which is managed by Maven and part of the Northern Powerhouse Investment Fund, invested £1.2 million to enable the business to significantly scale its operations, double its headcount, develop a range of innovative FinTech products and enhance its marketing efforts.

My Digital is now a market-leading provider of payroll and accounting software in the temporary labour market, winning multiple industry awards, including and a ranking in the Top 50 fastest-growing tech companies at the Northern Tech Awards for four consecutive years.

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“This management buyout is a testament to the hard work and dedication of our entire team and the unwavering support from Maven and the first Northern Powerhouse Investment Fund,” said Whelan.

“Special thanks to Gavin Bell, who saw potential in our vision, and Karen de Meza, whose operational guidance was invaluable. Our company has not only achieved but surpassed our expectations thanks to their support at a crucial time.”

De Meza, portfolio director at Maven, added: “We are delighted to see My Digital transition into this new phase of ownership. The management buyout is a testament to the Company’s strong leadership and solid financial foundation, which were developed under our partnership. 

“At Maven we look to build long term positive working relationships with the people we back providing insight and strategic input through board and operational engagement. This exit marks another milestone in Maven’s track record of identifying and developing high-potential businesses.”

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