Maven Capital Partners has exited its investment in SaaS platform Oak Engage Limited, securing a 2.1x return for investors.
The Newcastle-based developer and provider of an employee engagement and intranet SaaS platform has now been sold to NorthEdge after being backed by Maven since 2018.
Investment through Maven Investor Partners and Maven’s regional funds enabled Oak to further develop its platform and make critical hires across the senior team with extensive experience in scaling software businesses.
Its platform is now utilised by a blue chip client base including NatWest Group, Burger King UK, Aldi, Five Guys and Halfords, as it looks to create a centralised digital workspace that improves employee engagement, communication and collaboration.
The sale to NorthEdge will support the company’s growth to date and leverage its platform to make the most of the increasing demand for employee engagement tools among medium to enterprise-sized businesses.
“Our partnership with Oak Engage has been both highly productive and rewarding for all involved, which is testimony to the skill and strategic insight of CEO Will Murray and his talented management team,” said Michael Vassallo, investment partner at Maven.
“Over the course of the investment period, we have supported the business in executing its go-to-market strategy for its cloud-based SaaS product, built an impressive customer base of major global brands, and accelerated revenue growth.
“From being a business with high potential, we are delighted to see Oak Engage now established as a global player offering a comprehensive, feature-rich solution to businesses looking to foster a stronger company culture.”
Murray added: “Working with Maven has provided valuable strategic direction and support, helping us to scale our operations, enhance our technology, and extend our international reach.
“We are proud of the progress we have made together and look forward to building on this momentum with NorthEdge as we continue our mission to redefine employee engagement for businesses worldwide.”
How £500 Star Wars freebie sparked Sky Sports host’s startup