BGF invests in Proventeq to drive expansion & innovation

Proventeq, a digital transformation specialist based in Reading, has announced a substantial investment from BGF, a growth capital investor known for its investments in the UK and Ireland.

The investment aims to fuel Proventeq's expansion into markets across the UK, USA, Europe, and the Middle East and enhance its capabilities in Enterprise Content Management (ECM) modernisation, Intelligent Information Management, and AI-led innovation.

Founded in 2007, Proventeq operates from its headquarters in the UK and has offices in India, Dubai, and the USA. It serves a global client base spanning over 30 countries. The company is owned by its founding shareholders: CEO Nitin Mahajan, Chief Technology Officer Rakesh Chenchery, and Chief Commercial Officer Balu Herbert.

Proventeq's revenue increased by 24% last year. The company focuses on assisting companies with the migration and modernisation of legacy ECM platforms, compliance solutions, and the implementation of AI/Copilot-based technologies.

Following the investment from BGF, Proventeq intends to strengthen its presence in key regions and explore opportunities in data security, compliance, and AI solutions. This partnership is expected to support the company's strategic growth objectives.

CEO Nitin Mahajan, stated, "As companies look to modernise their legacy systems and ensure regulatory compliance, robust data management and governance becomes essential. Our goal is to help organisations establish strong foundations with secure and modernised data platforms, enabling them to harness the power of AI and automation. With significant opportunities in the market, we're delighted to partner with BGF as we expand and further develop our proposition."

Tim Wallis, introduced by BGF's Talent Network, will join the Proventeq board as Non-Executive Chair. Wallis, the former CEO and founder of Microsoft Partner and SharePoint consultancy Content and Code, brings extensive experience in Microsoft partnerships and is expected to be instrumental in steering the company's growth.

Nitin Mahajan also expressed enthusiasm about Wallis joining the team: "We're excited to welcome Tim aboard at this stage of our growth journey. He is well respected within the industry and his knowledge of building a digital transformation consultancy is second to none. We look forward to working together over the coming years."

BGF's recent investment in Proventeq follows several other transactions within the Thames Valley region, including a GBP £16.5 million investment in advice-tech provider Twenty7tec.

Guy Pope, an investor at BGF, commented on the strategic importance of the investment: "With more focus than ever on AI and compliance globally, there is a critical need for experienced tech enabled consultancies in this area. Proventeq is an exciting tech business operating in a market with strong growth dynamics. The company has a highly experienced, technical management team with an impressive blue-chip client base. We look forward to supporting the business and working alongside Tim Wallis as we look to scale the business in the future."

Proventeq has been recognised with awards and notable mentions, including winning Megabuyte's 2024 Emerging Star Award for the Best Performing Company in Information Management. It is also featured in the Gartner Market Guide for Cloud Office Migration Tools and is one of the select 20 organisations worldwide with Microsoft Preferred Partner Status for Content AI.