Octopus and Calculus back the accounts payable forensic software company
Octopus Investments, part of Octopus Group, today announced that its Development Capital team has led a £3.6 million funding round, alongside Calculus Capital, into FISCAL Technologies, a world leading provider of forensic solutions and services headquartered in Reading.
FISCAL Technologies’ solutions empower purchase-to-pay teams across the globe to protect their organisational spend. Its NXG Forensics® enterprise solution provides continuous protection through transactional risk analysis, supplier risk profiling, anti-fraud controls and ongoing reporting.
NXG Forensics® has specifically been designed for modern procure-to-pay, accounts payable teams, identifying the areas of risk and fraud within supplier spend, utilising unique forensics technology with advanced algorithms and machine learning, and building up a continuous profile of a customer’s suppliers. Its anti-fraud controls run internationally recognised tests on file entries, producing a scorecard and giving finance teams the information they need to investigate issues and determine the corrective actions needed.
Octopus Investments’ Development Capital team, which specialises in funding UK B2B software scaleups, led the growth capital round alongside Calculus Capital and the Scaleup Group, which introduced the opportunity. The funding will primarily be used to develop FISCAL’s core UK market and increase expansion into the US, where it already has strong traction, as well as incremental product development.
As part of the transaction, Edward Keelan from Octopus Investments will join the FISCAL Technologies board.
Richard Court, Head of Development Capital at Octopus Investments, said:
“FISCAL Technologies is a hugely exciting business with a sizeable and loyal customer base. What particularly impressed us was the clear return on investment seen by its customers, coupled with incredibly strong product feedback.”
Richard Moore, Co-Head of Investments at Calculus Capital, said:
“FISCAL Technologies has a market proven product, based on internally developed IP, and an impressive customer base, all of which has been achieved without external capital. This has shown a commendable focus by management on organic growth. It is an attractive proposition and we believe that FISCAL Technologies is a company with very strong growth potential.”
David Griffiths, CEO of FISCAL Technologies, added:
“We selected Octopus Investments and Calculus Capital to be our funding partners after rigorous evaluation. We were impressed by the ability of both to understand what we were trying to achieve and how they could support us in the future as providers of patient capital.”