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Big Data firm Hello Soda looks to quench global ambitions with £5.5m investment

Manchester big data business Hello Soda is gearing up for growth following a £5.5m investment, the majority of which is funded by Newcastle-based investment NVM Private Equity (NVM).

Hello Soda says it will use the investment, which is jointly made up of £1.5m from Clydesdale and Yorkshire Bank’s Growth Finance team, to help raise the profile of its high-tech offerings that boost revenues for businesses in the ID verification, risk and personalisation verticals.

The company, which also has offices in both the US and Thailand, specialises in providing advanced text analytics software solutions to customers across six continents meaning it is able to provide a global, 24/7 service to its wide portfolio of customers.

Its multilingual software solutions work to increase access for consumers in the digital age through deriving unique, real-time data insight to make more informed decisions on verifying identities, reducing fraud, and personalising the user experience.

Led by CEO James Blake, the business has grown rapidly since its launch in 2013 and currently has customers operating in countries as widely spread as the UK, USA, Mexico, Australia, Spain and South Africa.

Furthermore, James, who brings 20 years’ experience to the table in technology sales is focused on Hello Soda expanding and exceeding expectations.

He commented: “NVM are a great cultural fit for us and it’s fantastic to work with a team that truly share our values and vision of a more inclusive digital world.

“Working with NVM will enable us to really ramp up our global growth to better support our existing and prospective clients and we’re very excited to see the impact that our innovations will have.”

Liam May, Investment Manager of NVM Private Equity, said: “Hello Soda already has a strong market position and great growth potential across a number of sectors and geographies.

“With the capital to pursue its ambitions now in place, combined with leading, innovative technology and a young, entrepreneurial management team, this is an extremely exciting time for the business.”

Nick Edgar, Growth Finance Senior Director, at Clydesdale and Yorkshire Banks, said: “We are committed to supporting the economic growth of businesses across the North of England and working with customers to take advantage of the investment opportunities that the Northern Powerhouse is offering.

“A unique FinTech proposition providing customers with a wide range of data insight, Hello Soda is in an excellent position to continue its global growth in this emerging digital space.”

Dow Schofield Watts’ technology team advised on the deal, with David Smith, Peter Barkley and Keith Benson working closely with the company on its fundraising plans.

David Smith, who leads the tech team, said it was another significant deal for the North’s tech sector: “Hello Soda’s product is the most advanced and insightful of any in its sector. This investment will help James and his team to establish the business as a global leader in its field.

“The proposition attracted keen interest from investors across the globe. The challenge was to find one that was exactly the right match for the company’s requirements with a structure which worked for all stakeholders.

“The Dow Schofield Watts tech team worked closely with the other parties to develop a solution that provided a win-win for all involved. This is another great Northern tech deal for a great Northern tech company.”

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