Browne Jacobson advises Foresight Group on investment in AI and machine learning SaaS and Services provider TMAC

Browne Jacobson’s national private equity team has advised leading independent private equity and infrastructure investment manager Foresight Group LLP (Foresight) on its investment in artificial intelligence and machine learning SaaS provider The Modular Analytics Company Limited (TMAC), funded by the Midlands Engine Investment Fund (MEIF). The investment forms part of an aggregate c.£1.5m million round, with co-investment provided by the Greater Manchester Combined Authority (GMCA).

TMAC was founded in 2018 by Jimmy Hosang and Sean Northam with a vision to change the way data science is understood and applied. TMAC’s contact centre solutions software helps operators make better decisions faster, improving customer experiences, and generating, accelerating and modulating results to deliver value quickly. The business works with a diverse client base made up of blue chip and FTSE 100 clients that cut across the retail, banking, financial services and media sectors.

MEIF is an initiative supported by the European Regional Development Fund and forms a key part of the UK Government’s strategy to support the region’s economic growth through strategic investment in SMEs.

The Browne Jacobson team was led by associate Matt Bolton, who recently advised Foresight on its exit from e-commerce fulfilment specialist Selazar. Matt was assisted by associate Bethany Pickup and they were supported by Browne Jacobson private equity partner, Gareth Davies.

Jordan Lavender, Investment Manager leading the transaction for Foresight Group, commented: “We are delighted to be supporting TMAC on its next stage of growth. With digital transformation projects becoming more widespread in organisations, TMAC is well placed to take advantage of this flourishing market. We’d like to thank the Browne Jacobson private equity team which again delivered both excellent service and high-quality advice.”

Matt Bolton, associate at Browne Jacobson, added:

“We’re delighted to have supported Foresight on its investment in TMAC – an exciting business with a strong management team which is already starting to gain real traction in its market. We wish them every success as they press ahead with their scaling and growth plans”.