Gresham House Ventures – a growth equity investor specialized in scaling businesses driven by technology, customer insight, or service excellence – has agreed to the sale of its stake in Ten10, a leading independent software testing and quality engineering consultancy, on behalf of the Baronsmead VCTs.
The Baronsmead VCTs invested £4.25m in February 2015, supporting the business’ acquisition of The Testing People in December 2015.
Through a combination of acquisition and organic growth, Ten10 has become one of the leading software testing companies, with more than 250 employees and offices in London, Leeds, and Raleigh, North Carolina. Its portfolio of blue-chip clients spans the financial, legal, retail, and public sectors.
Ten10 operates three services lines – Ten10 Consulting, which enables organizations to implement new or upgraded software faster, more effectively and more frequently; Ten10 Academy, which develops the next generation of technology talent; and Ten10’s Hybrid Teams’ model, which combines the firm’s Consulting and Academy service lines to leverage its software expertise alongside a talent solution for clients.
Under the leadership of CEO Chris Shaw, the business has invested in new technology and processes to create a scalable platform, as well as providing a digital marketing and sales strategy to expand Ten10’s client base in key sectors and verticals, and supporting the group’s entry into the US market.
Over the course of the Baronsmead VCTs’ investment, Ten10’s award-winning graduate Academy has grown strongly. The Academy delivers in-depth training across the latest technologies and adopts an industry-leading approach to diversity and inclusion by identifying and training the next generation of technologists from a broad talent pool. To date, 40% of Academy engineers are BAME.
Bevan Duncan, managing director, strategic equity at Gresham House, says:
“The Baronsmead VCTs’ investment in Ten10 has been very successful. Over the last five years the business has delivered impressive growth which has seen it become one of the UK’s leading software and quality engineering firms. We wish the team continued success in the coming years.”