Sydney-based Prospecta Software has completed a growth capital round, securing an investment of up to AUD 20 million from Ellerston JAADE Australian Private Assets Fund to accelerate its product and growth strategies, according to a statement released by the company.
The investment will help Prospecta consolidate its leading position in the global data governance and master data management market, by further developing core technologies and underwriting geographic expansion in its sales and distribution, including in key markets like India.
Romit Mukerji, Managing Director – India, Prospecta said, “The strategic investment from Ellerston JADE allows us to significantly accelerate our sales and marketing operations in the country. We look forward to expanding our already strong talent pool in India that manages mission critical and global operations for Prospecta. This includes areas such as software development, customer support and project delivery.”
He added, “Enterprises in India are increasingly realising the importance of efficient data management and its role in ensuring data integrity. Prospecta is well positioned with its flagship MDO solution to address today's challenges around data and automation.”
Prospecta provides data governance and master data management for many enterprise clients around the world. Global and Indian enterprises such as Dow Chemical, Infineum, Mondelez, Brookfield, Godrej, Hindustan Zinc, Bluestar, Havells, and UPL utilise Prospecta's data enterprise platform.
The statement asserted that data integrity is now a key boardroom topic and Prospecta's cloud-based platform, called MDO (Master Data Online), is fast becoming the preferred option for companies seeking to address their data challenges. Certified by industry leaders SAP and Salesforce, MDO's modules cover master data governance, data quality, supply chain collaboration, workforce safety, and managing enterprise asset data.
According to the statement, Prospecta has weathered the Covid-19 storm well, as most enterprises have used 2020 to focus on fixing their data integrity systems and strengthening their supply chain management, logistics, and use of cloud-based technologies in preparation for a strong rebound in 2021. In the face of this demand, and with long-term contracts in place, Prospecta foresees accelerated growth in 2021.
Ranjan Bakshi, Founder and CEO, Prospecta, said that Prospecta was pleased to secure the support of an Australian-based fund that shared its aspirations of building a globally competitive software business and is committed to help the business deliver on this growth potential. “At Prospecta, we are passionate about building a globally competitive data governance solution for our clients and encouraging a cultural shift to make data integrity the responsibility of every employee. Everyone is a data steward. It is pleasing to have found in Ellerston JAADE an investor that shares this outlook and, even before investing, had already assisted with client introductions and with access to new ideas and new networks,” Bakshi said.
For the Ellerston JAADE team, this is the fifth investment made by the Fund, with Prospecta joining Mable, Camms and SiteMinder in the portfolio, after exiting its investment in Tyro Payments during its successful IPO in 2020.
Anthony Klok, Investment Director, Ellerston JAADE, said that he was delighted that Prospecta would be joining the portfolio of growth companies already in the fund. “We undertook a great deal of research to understand the potential for the master data management solution offered by Prospecta. We think that MDO helps solves a global problem for large enterprises, and Prospecta is first in class in this area. We look forward to a very rewarding partnership with Ranjan and Prospecta.”
