• Swindon & Wiltshire Tech
• Thursday November 14 2024
• Author Name: Peter Davison

Digital transformation specialist Proventeq secures multi-million-pound BGF investment

Reading-based digital transformation specialist Proventeq has secured multi-million-pound backing from BGF, the Business Growth Fund.

The investment will boost Proventeq’s offerings in enterprise content management (ECM) modernisation, intelligent information management, and AI-led innovation across the UK, US, Europe and the Middle East.

Founded in 2007, with headquarters in Reading, and offices in India, Dubai and the US, Proventeq has a global customer base in over 30 countries.

The company is owned by its three founding shareholders: CEO Nitin Mahajan, CTO Rakesh Chenchery, and CCO Balu Herbert.

Proventeq recorded 24 per cent revenue growth last year, assisting companies in migrating and modernising their legacy ECM platforms, implementing compliance and governance solutions, and accelerating the adoption of AI and Copilot-based solutions.

Nitin said: “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.”

Guy Pope, investor at the BGF Reading office, said: “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 it in the future.”

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