Foresight Group backs software services company | Midlands Offers News
A contact center software services company has received a growth capital investment from private equity firm Foresight Group as part of a wider £1.5m funding round. Foresight, which injected £749,000 into the business, used equity funding from the Midlands Engine Investment Fund (MEIF).
Based in Manchester and operating in the Midlands, TMAC’s artificial intelligence and machine learning software is designed to increase efficiency, reduce costs and improve results for large contact centres, primarily in the healthcare sectors. insurance, retail and banking.
This funding round supports the company’s growth plans, allowing it to focus on developing its platform, as well as recruiting senior executives while consolidating its base in the East Midlands.
Jimmy Hosang, Managing Director and Co-Founder of TMAC, said: “I would like to thank the British Business Bank, Foresight Group and the Greater Manchester Combined Authority for supporting us in our vision to create a market-leading AI company. that the regions can be proud of.
“This investment will allow TMAC to invest in our products and create many jobs in the Midlands and Greater Manchester that are both high quality and diverse in nature, including speech analytics consultants, data, product and user experience specialists and B2B marketers.”
Jordan Lavender, investment manager at Foresight, added, “With digital transformation projects becoming more widespread in organizations, TMAC is well positioned to take advantage of this burgeoning market.
“The team has extensive experience in this industry and I am pleased they have chosen Foresight as their partner for the next exciting phase of their journey.”
Browne Jacobson’s domestic private equity team provided Foresight Group with legal support for the transaction, while PKF Smith Cooper provided financial due diligence and Kryptoloud provided cyber due diligence.
TMAC was advised by Orrick and the Greater Manchester Combined Authority was advised by Ward Hadaway.