Maven Equity Finance has increased its investment in Cheshire software firm Traverse Automation.
This software provider specialises in streamlining back-office tasks and supplying travel and leisure industry companies with intelligent automation, data and AI (artificial intelligence) solutions. Founded in 2007 and based in Preston Brook near Runcorn, Traverse also has offices in Hampshire.
The funding comes from the first Northern Powerhouse Investment Fund NPIF – Maven Equity Finance, which is managed by Maven Capital Partners. The additional £650,000 will bolster its commitment to new technology specifically Cognitive Flow, which is Traverse’s new intelligent automation software, adopted across both SME (small and medium sized enterprises) and larger enterprise markets.
The funding includes commitments from Traverse’s management team and their chairman Mal Barritt, who is also CEO at Traveltek. Since the original investment in 2023, Traverse said that it has more than doubled its annual license fees while expanding its customer base.
Maven investment manager Tom Parton said the private equity firm were ‘delighted’ to support Traverse with this latest funding round as the business builds in scale. Maven is a leading UK private equity firm that supports expanding businesses of all sizes across different market sectors. It achieves this by providing essential capital and expertise, enabling companies to unlock potential and helping them grow.
For his part, Traverse CEO John O’Neill said the business had expanded in a way that wouldn’t have been possible without Maven’s financial advice and funding.
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