‘Crescent held this investment for four years and we are delighted with this outcome,’ said Crescent’s Bob McGowan-Smyth.
‘During our time GoReport’s turnover saw significant growth as it more than doubled and gained a rightly enviable reputation as a leading SaaS property sector solution.
‘Chairman David Bell and CEO Gavin O’Neill provided key leadership in transforming GoReport’s progress to a very successful exit for all investors.
‘With ScaleUp’s support and Gavin O’Neill’s continuing leadership, I’m confident that the business will excel to even greater heights.’
3rd October 2022 – Crescent Capital is pleased to announce that it has been retained as manager of the North Ireland Growth Fund, a new fund being established to pursue investment opportunities within Northern Ireland and the border counties of Ireland.
The focus of the fund will be to invest in promising businesses that will generate employment and prosperity in the region across all sections of the community, whilst at the same time also providing attractive economic returns for the fund.
The fund, which has a target size of up to $100m, will principally pursue development capital investment opportunities, with a small allocation for early stage and start-ups.
The Founders of the fund are:
John Donovan, a practicing US Attorney, adviser to Mayor Walsh of Boston on liaison with Northern Ireland and Border Counties, has worked extensively on Northern Irish economic and cultural affairs;
Máirtín Ó Muilleoir, a US & Irish Newspaper Publisher, former mayor of Belfast, MLA and Minister of Finance in NI Assembly; and
Gene O’Flaherty, a practicing Attorney, formerly served in MA House of Representatives for 17 years, Counsel for City of Boston.
The founders will lead the fundraising, with investors primarily from the US. Crescent’s role will be to identify and complete investments in the target market and to provide strategic management support to the companies selected for investment through their growth phase.
The fund is in its early stages of fundraising and expects to become operational in the first half of 2023.
Brian Reid, chair, Siobhan Donaghy, CEO, and Ann-Marie Slavin, Director of Strategy
NORTHERN IRELAND, 30 August 2022 – Further investment for Crescent-backed Modern Democracy.
The Derry-Londonderry-based election software company secured a £700,000 investment. The investment will facilitate further growth in UK and international markets.
Modern Democracy specialises in software designed to streamline the polling process.
Its Modern Polling SaaS platform digitalises the check-in process and offers real-time reporting and analytics on election day.
As well as Crescent’s participation, new investors include business angel investors, including members of the Halo Business Angel Network (HBAN), whose investment was matched by Co-Fund NI (managed by Clarendon Fund Managers).
BELFAST, NORTHERN IRELAND, June 2022 – A management buy-out led by Doug Deardorf, CEO of NiSoft, has been completed through the purchase of all shares held by Crescent Capital.
The December 2021 transaction consolidates ownership under Deardorf. It represents the culmination of a successful 13-year partnership during which NiSoft grew its topline revenue, increased local and international employment, released new software products and added blue chip customers worldwide.
‘Our investment in NiSoft has proven beneficial for all parties,’ stated Colin Walsh, Crescent’s Managing Director. ‘In addition to fulfilling our Funds’ objectives, the company has advanced in all measures and we are proud to have played a role.’
Deardorf added, ‘I’m grateful for the confidence Crescent Capital placed in NiSoft and the support provided to further our mission of developing and implementing sophisticated, market leading software for energy and other process intensive industries. The company is well-positioned to further expand its presence in the markets it serves.’
Mills Selig, based in Belfast, provided legal counsel to Deardorf. Legal support for Crescent Capital was provided by Davidson McDonnell of Belfast.
Corporate banking services were conducted through HSBC Belfast.
About NiSoft
NiSoft is approaching its 30th year providing tailored software solutions to support operations excellence initiatives within power generation facilities, oil refineries, gas terminals, chemical plants, mills and other process intensive industries.
Designed to further plant digitalization, improve plant safety, productivity and compliance through creating and managing Work Permits, Lockout Tagout processes, Risk Assessments, Logbooks and other operations-centric functions electronically, NiSoft’s eclipseSUITE is considered among the most comprehensive, yet flexible systems of its type available.
NiSoft software is installed in more than 400 sites in over 25 countries.
NiSoft is headquartered in Belfast and has offices in Singapore, Denver and Brisbane.
About Crescent Capital
Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. We back the creative teams, the determined, the passionate and the indefatigable, the independent thinkers. Crescent immerse ourselves in these companies, their product, their customers and their management team. We primarily offer companies funding but crucially we also provide guidance, expertise, experience and exposure to a network of relevant business contacts.
Since 1995, Crescent has invested £47m in 38 different Northern Ireland based companies.
Crescent II first invested in NiSoft in 2008 and Crescent III invested in 2015.
BELFAST NORTHERN IRELAND, 5 Mar 2021: Following Invest NI’s announcement today, Crescent confirms that its fourth fund, Crescent Capital IV LP, has been closed. This is due to the considerable challenges, arising from the turmoil created by the Covid-19 pandemic, in raising the required second close matching private investment.
Crescent’s Colin Walsh said, ‘the current fundraising challenges are unprecedented particularly for emerging venture capital markets such as Northern Ireland. Crescent IV’s orderly closure includes the return of all initial investor drawdowns.’
