NowWeComply moves to new HQ and expands management team

NowWeComply (NWC), a provider of cloud-based governance, risk and compliance (GRC) software, announced today that it has moved to new South Bank headquarters in the heart of London's tech scene after recently closing a $1.2 million pre-Series A funding round.

The company, which has developed a powerful SaaS process automation engine to deliver its compliance solutions, also moved to strengthen its management team with the appointment of Paul White as Chief Revenue Officer.NowWeComply moves to new HQ and expands management team

NWC helps organisations ensure that their compliance requirements are consistently executed, auditable and automated. Ben Stoneham, CEO of NWC said, “Our clients are excited by NWC as not only do we unlock resources for growth by reducing compliance administration costs by up to 40%, but their Boards also benefit from absolute confidence that fraud and regulatory risks are under control.”

“Our disruptive approach to legacy problems has already been successful in attracting some stand out organisations, including Capita, as clients,” noted Stoneham. “The timing is great for Paul to build on this success – he has fantastic international software experience that will help us accelerate our growth in a range of sectors struggling to manage complex compliance processes.”

“NowWeComply has taken a revolutionary approach to the problem of managing volatile, sophisticated workforce procedures and data,” said White. “The result is an incredibly flexible product that can visually model and execute the most complex requirements – delivering absolute control and audit readiness. I’m delighted to be joining a business with such potential and technological advantage.”

ONE IN THREE CONTRACTORS ‘STRUGGLE WITH MORTGAGE APPLICATIONS’

More than 1.23 million workers are on full-time or part-time contracts

Lenders need to address growing contractor market, Kensington believes

Around one in three contractors have struggled to be accepted for mortgages since switching from the security of a staff job, new research* conducted for specialist mortgage lender Kensington shows.

The study estimates around 1.23 million** workers are currently on full-time or part-time contracts at work and Kensington believes the number is continuing to grow as employer and employee attitudes change.

Kensington underwrites each application on its own merits, and is able to lend to contractors in any profession, with 12 months track record based on 46 times their current weekly contracts.

The study for Kensington highlights contractors are potentially highly credit-worthy – around 42% working on contracts say they earn more than they did in staff jobs and 45% have been working on contracts for two or more year.  Around 17% have been contractors for 10 years or more.

However that does not prevent problems with applying for credit – 33% have had issues with mortgage applications while 29% have had problems accessing unsecured loans or credit cards.

Sarah Green, Head of Sales and Marketing at Kensington, says: “Contractors, who can earn steady income despite not having the security of a regular payslip, can prove troublesome to some lenders.

“However, the world of work is changing. It is clear the number of contractors is increasing and that in many cases they earn more than they would in staff jobs.

“Kensington treats customers as individuals. Our underwriters assess each application on its own merits and we will always look to lend to a contractor who fits our criteria.”

The information contained in Kensington press releases is intended solely for journalists and should not be used by consumers to make financial decisions. Kensington distributes mortgages only through intermediaries and full product information can be found at www.kmc.co.uk

Sheffield-based President Engineering Group Limited acquired by Parker Hannifin Corporation

President Engineering Group Limited, a Sheffield-based manufacturer of precision engineered valves and related products for use in LNG (liquefied natural gas) and other industrial applications, has been acquired by Parker Hannifin Corporation, a US-based corporation specialising in motion and control technologies.

The transaction provides a full exit for YFM Equity Partners, who financed the MBO of the business from Flowgroup plc in 2010.

President Engineering has manufacturing facilities in Sheffield, with additional operations in Pittsburgh, Pennsylvania and Ahmedabad, India. The business generated approximately £19 million of revenue in its latest financial year.

Mark Henley, Managing Director of President Engineering, commented:

“This is a great opportunity for both Parker and our business. Parker has the financial resources and scale to take advantage of the numerous opportunities in our markets, and I am confident that this is the right home to take President Engineering to the next level of global competition.”

“The addition of PEGL provides product and manufacturing technologies and expanded systems capabilities along with solid brand names”, said John Greco, Vice President and President – Instrumentation Group.  “This acquisition will strengthen Parker’s position in the LNG, Industrial Gas and Mining markets.  We are excited about the opportunities to combine our organizations and extend more solutions to our customers.”

Mary Broadhead, Investment Director at YFM Equity Partners said:

“This is a perfect example of YFM helping to unlock the potential of a small regional business, through its international expansion.  During the period of our investment, the business increased revenues by over 75%, driving an outstanding return for our investors. We enjoyed working with Mark and the team as they grew profits and exports. We wish them continued success in the future.”

The acquisition was advised by a full suite of local Yorkshire professional services firms, with Christian Mayo and Giles Taylor of KPMG and Richard May of DLA Piper providing financial and legal advice, respectively, for the shareholders of President Engineering and Amanda Partland of Eversheds advising Parker.

Christian Mayo, Partner and Head of Corporate Finance for KPMG in Yorkshire, commented on the transaction:

“The completion of this acquisition has produced a fantastic result for the shareholders and provided a strategic UK asset for Parker. President Engineering represents another in a long line of successful Yorkshire-based engineering businesses making headlines on the global stage, and I am pleased to have worked with the team in introducing Parker to support the business through the next stage of its growth.”

Richard May, Managing Partner for DLA Piper in Sheffield, commented:

"We acted on the President Engineering MBO in 2010 and it is great to have now helped the Sheffield based team and equity funder make a success of their hard work and investment.  I am sure the business will thrive with Parker."

Amanda Partland, Corporate Partner for Eversheds in Leeds commented:

“Parker Hannifin is an important and longstanding client of Eversheds, who we have advised on many strategic acquisitions and disposals.  This latest deal is a key acquisition for Parker which will enhance its position in flow control technologies.”