Nottingham-headquartered ENSEK, a leading software supplier to UK energy providers, has delivered a period of exceptional growth after securing a minority investment from mid-market private equity firm LDC in October 2017.
ENSEK’s revenues have more than doubled in the financial year to March 2018 to £6.2million, up from £2.7million in the previous year, which has included significant increases in contracted recurring software revenue. Headcount has also increased substantially from 65 people to more than 120 in the first year of ENSEK’s partnership with LDC.
ENSEK uses its market-leading software-as-a-service (SaaS) platform to provide existing and new entrant energy providers with a range of solutions which include CRM, billing, industry data flows, revenue assurance and financial management. Over the last year, ENSEK has continued to invest in new product and platform development to support the energy market’s transition to smart metering and the firm is on track to roll-out this software to customers in early 2019. In response to market dynamics and growing demand from energy suppliers, the business has also enhanced its smart data analytics offering to provide customers with more efficient access to this information.
With LDC’s support, ENSEK has also significantly increased its presence in the B2B energy market, as it continues to build out market leading capability for SMEs and the I&C sector. This has resulted in significant new contract wins with Centrica and other leading energy suppliers in the UK.
In recognition of this success, ENSEK was recently placed 46th in the Sunday Times Tech Track 100, making the list for the first time, after reporting sales growth of 88% over the past three years.
This momentum is set to continue into 2019, as the business is actively exploring opportunities to expand into new international territories within the USA and Europe, as well as pursuing wider growth opportunities in the UK. This includes plans to expand its services into new markets such as supporting UK water and oil suppliers.
Jon Slade, CEO at ENSEK, said, “It’s been a fantastic year of growth and development for ENSEK. Having a strategic partner like LDC on board has given us greater firepower both operationally and financially, enabling us to further strengthen our market proposition, while continuing to deliver high quality solutions to both existing and new customers.
“This momentum looks set to continue into the new year, and with LDC’s on-going support we intend to build further on our successes and implement the next stage of our growth strategy.”
John Green, Investment Director at LDC in Nottingham, added: “ENSEK has demonstrated consistently strong growth over the past year, with ground breaking developments leading to significant new business wins with some of the UK’s leading energy suppliers.
“The business has successfully established itself as a leading player in its core UK market, and has considerable ambition to build further on this with our continued support.”
ENSEK’s management team, led by CEO Jon Slade, will continue to work in close partnership with LDC’s Nottingham-based team to implement this next stage of the business’ growth strategy.