Pelican

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Investment date: Mar 2020
Sector: Compliance Services
Exit date: Aug 2022

Wheelhouse Advisors is a specialist outsourced provider of prudential management, regulatory reporting and accounting, tax and human resources consultancy services to investment firms, their principals and other financial services professionals.

The London based business employs 40 staff and provides its services largely to clients in the UK alternative fund management industry. These clients are either directly regulated by the FCA or indirectly regulated via a regulatory hosting platform. Clients include start-up / spinout funds, established international firms expanding operations to the UK, and established overseas investment managers marketing funds into the UK and EU.

Pelican Capital invested in March 2020 to back a management buyout of the business from its parent company ACA Compliance Group, a US based compliance firm.

Wheelhouse Advisors was sold in August 2022 to Centralis, a provider of outsourced corporate and fund services.

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Updated YPS logo
Date: Sep 2020
Sector: Parking Technology
Exit date: Jul 2022

YourParkingSpace is the UK’s leading provider of intelligent parking solutions. Its online marketplace processes thousands of parking space reservations daily from Britain’s motorists, and its commercial offering specialises in digitalising car parks to generate revenue from underutilised space whilst also streamlining the parking experience through its proprietary technology and live data analytics.

Alongside its 60,000 private space providers, the business also works with large commercial landlords such as supermarkets and hotel chains. In 2020 YourParkingSpace has been placed 170th in the FT1000 annual list of Europe’s fastest-growing companies, whilst also featuring in The Sunday Times Tech Track 100, as one of Britain’s fastest growing private technology companies.

Pelican made a growth capital investment into the business in September 2020. The funding will be used to further develop the platform as well as to invest in sales and marketing.

In July 2022, YourParkingSpace was sold to Flowbird Group, a global leader in urban mobility. The sale generated a return of up to 6.5x on Pelican Capital’s investment.

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Updated atech logo
Date: Feb 2022
Sector: Cloud Technology
Exit date: Oct 2024

Atech.cloud (Atech) is a leading UK Cloud Service Provider (CSP). A Microsoft Advanced Specialist, and multi-gold, direct partner, Atech is focused on harnessing the potential of Microsoft technologies to transform its clients’ operations, and business efficiency.

Based in High Wycombe and employing 65 staff, Atech primarily supports mid-market and enterprise corporations, with complex cloud requirements. Its key services include Digital transformation, Managed services, Managed security and Infrastructure support, with a specific focus on deploying and optimising Microsoft cloud technologies.

Pelican Capital invested in February 2022 to support the next phase of Atech’s organic growth, along with  financing a healthy pipeline of acquisition opportunities, with follow-on funding available if required.

Atech was sold in October 2024 to iomart Group Plc (“iomart”), a cloud computing and IT managed service company. iomart is a publicly traded company on the Alternative Investment Market (AIM). The sale generated a return of 3.2x on Pelican Capital’s investment.

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Date: Apr 2023
Sector: Mobility data and software

ECA International was established in 1971 to research and publish reliable data to help clients evaluate and manage compensation and benefits for international employees moving around the world. It operates internationally via its 4 offices in London, New York, Hong Kong and Sydney, employing 25 nationalities speaking more than 20 languages.

Tracker Software Technologies is an innovative software platform designed to help global companies with immigration and tax compliance in over 200 jurisdictions around the world. TST’s Global Tracker platform specifically supports compliance for remote workers and business travellers.

Global Expat Pay operates a combined data and payment service for expatriate and assignee remuneration. It streamlines the payment process, calculates the pay and gives its customers real time visibility on the data. ECA made a significant strategic investment into GEP last year to accelerate the growth of the business and complement ECA’s assignment management offering.

Pelican invested significant capital in 2023 to back the combined management teams to provide a unique offering, seeking to become the only single point access provider of data and technology to global mobility and HR teams across the world.

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Date: Jan 2024
Sector: Cyber Security

SentryBay is a niche cyber security software business that provides large corporates with ‘zero trust’ and ‘endpoint’ protection products. The established and patented technology protects both Enterprise and Consumer applications via anti-key logging, screen capture, and anti-malware protection tools.

Headquartered in the City of London, SentryBay’s industry-leading technology is used globally to protect millions of users’ endpoints across the world.

Pelican Capital’s investment will support the company through its next stage of growth via the expansion of sales, technology and marketing resources, fostering innovation in product development.

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Date: May 2024
Sector: Tech-enabled legal services

Finders International is one of the UK’s market leading probate research, data and technology firms, widely regarded as a trailblazer in its field. Headquartered in London with offices across Edinburgh, Cardiff, Dublin, and Sydney, Finders International uses proprietary technology to enable a team of 130 to offer clients a comprehensive range of probate services, including heir identification and location, as well as full estate administration services for clients worldwide. It has successfully resolved over 10,000 missing beneficiary cases, thanks to its unique proprietary case management software.

As a founding member of the International Association of Professional Probate Researchers (IAPPR), Finders International has been instrumental in setting ethical standards and a code of conduct, contributing significantly to the professionalisation of the probate genealogy sector.

Pelican Capital’s investment in Finders International underscores its confidence in the firm’s growth trajectory and its ongoing impact on the probate genealogy industry, both in the UK and internationally. This strategic partnership is poised to accelerate Finders International’s expansion and technological capabilities, further solidifying its position as a market leader.

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Date: May 2024
Sector: Ed-Tech

Unseen Group is a collective of Ed-Tech and Rec-Tech brands that specialises in providing opportunities and choices for the next generation of talent. The group operates through strategic acquisitions and innovative technology in the early careers and employability sector, providing universities and corporate employers with a range of digital solutions to transform the early careers market.

The Manchester based collective has made six acquisitions to date, including employability consultancy experts, Gradcore, digital assessment centre platform, TopScore, and leading graduate careers website, graduatejobs.com.

The investment from Pelican will equip Unseen with the resources to expand its operations and enhance its portfolio with cutting-edge businesses. A CFO and NED have been introduced by Pelican to provide additional strategic expertise as the group experiences growth, further strengthening the existing senior management team.

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