Grant Thornton makes first ever tech sector investment
In a deal worth up to £22m, Grant Thornton invests in tech startup Geniac
GRANT THORNTON has made its first investment into London’s tech sector, pumping up to £22m in ‘office as a service’ provider Geniac as the startup targets growth of up to £50m over the next seven years.
The business, co-founded by ex-Accenture consultants Michael Galvin and Eduardo Martinez, provides accounting, tax, legal, HR and corporate administration services to an entrepreneurial client base.
Mark Cardiff of Grant Thornton, said: “The Geniac proposition to fast growing small businesses is exciting. Mike and Eduardo have really identified what can hold back small businesses. They have ambitious intentions to level the playing field between large and small businesses, in terms of the quality of support and tools available to small businesses. We got the Geniac idea immediately and just wanted to work with the team, because it helps create a vibrant, dynamic economy.”
As part of its expansion plans Geniac is actively hiring over the next 12 months for its offices in London and Glasgow.