Calash is pleased to announce that it provided commercial due diligence to the Scottish National Investment Bank on its investment into Forrit, a software security specialist and developer of cloud-based content management system (CMS) software.
Edinburgh-headquartered Forrit is a developer of cloud-based CMS software and associated services that allows enterprises to manage and develop web estates. The Scottish National Investment Bank is investing £5m of equity to broaden its product team, growing its ability to work with more clients and meet its long-term growth plans.
Calash provided commercial due diligence on the deal on behalf of the Scottish National Investment Bank. Commercial due diligence included reviewing the target’s business activities and pipeline, service demand from existing and adjacent markets, and a competitive benchmarking exercise.
The Calash team included James Kirby, Callum Evett, and Rob Neves.
“The Bank’s investment will support Forrit as they look to reach the next stage of their development. Our investment will enable Forrit to create new, high value technology development jobs, futureproofing skills in Scotland’s tech ecosystem and supporting plans to export their differentiated proposition to enterprise clients globally. Forrit’s CMS system technology has a strong alignment with our Innovation mission and we look forward to working with them to deliver their ambitious growth plans.”
Jimmy Williamson, Executive Director, Innovation, Scottish National Investment Bank
Read the full press release Here
The Scottish National Investment Bank invests in Scottish businesses, projects and communities to deliver environmental, social and financial returns for the people of Scotland. Investments in debt and equity are made on commercial terms based on the needs of individual projects or businesses.
The Bank invests in businesses based in Scotland, projects based in Scotland, or businesses seeking to move to Scotland. Typically, the Bank will invest in businesses and projects seeking more than £1m in investment support (debt or equity). All investments must deliver both commercial returns and mission impact returns that support at least one of the Bank’s missions.