Following a year of aggressive UK growth, Australian-headquartered data aggregator Encompass Corporation has been awarded investments totalling £3.6 million, which it will use to accelerate its expansion into the legal market.
Scottish Investment Bank, the investment arm of Scottish Enterprise, has invested £1.8m to help support the expansion of Encompass, which has its UK head office in Glasgow. A further £1.8m has been invested by Sydney-based Adcock Private Equity.
Founded in 2012 in Australia, Encompass provides sophisticated analytics software for financial and professional service firms. It opened in Glasgow in 2015 and has since expanded to 32 employees in the UK.
In February 2016 legal consultant Chris Bull was appointed as industry adviser to help accelerate Encompass’s UK legal sector growth – Bull’s career history includes chief operating officer for Europe and the Americas at legal outsourcer Integreon and board member roles at UK top 30 law firm Osborne Clarke.
The £3.6m funding will enable Encompass to increase the numbers of domestic and international data suppliers which currently stands at 12. This will further speed up the viability assessment and onboarding of new clients for the legal profession.
Wayne Johnson, co-founder and CEO of Encompass (pictured) said: “This funding will enable us to fast-track our product development and enhance the offering to the legal services market. It will also support our launch of Encompass Confirm, a solution for financial services firms who are looking for an answer to the Know Your Customer /Anti-Money Laundering headache.”