Funds growth boost for staff engagement firm

A NEWCASTLE tech company which helps businesses engage and connect their staff is set for more growth after striking a multimillion-pound investment deal with a private equity firm.

- COREENA FORD Business writer [e-mail]

Based at Generator Studios in Ouseburn, Oak Engage links staff through its intranet software solution in the form of a mobile app. It works with some of the world's biggest brands, including Aldi, Boohoo, Halfords, NatWest and ScS.

The company has been on a rapid growth journey over the last few years, on the back of several capital injections from former investor Maven Capital Partners, which had ploughed £6.025m in by July 2021, alongside further sums from private investors and regional funding as part of a £7.4m series A funding round.

Now the firm is set to ramp up the work it does with workers at household names, after being sold to NorthEdge in an undisclosed multi-million-pound deal. The deal provides an exit for Maven, while also serving up a 2.1x return to its investors.

Oak Engage is helmed by seasoned former Silicon Valley executive Will Murray, who has a track record of growing technology businesses. He was a key member of the management team of Turnitin, a US software company which sold to a private equity buyer for $1.75bn.