Tech-focused private equity firm MonacoSol has announced plans to expand its portfolio, backed by a £40 million investment fund. The Manchester-based firm, which currently holds stakes in three companies, is aiming to complete two acquisitions in the next six months. The firm typically targets UK-based B2B software and technology businesses with annual turnover ranging from £500,000 to £2 million.
MonacoSol, founded in 2023, is the family office of technology entrepreneur Richard Beaton. Beaton, who chairs the company, has a long history in the sector, having sold his first business, Imasys, to Capita in 1997. Since then, he has built and sold numerous tech companies, the most recent being cyber security firm Deep Secure, which was acquired by Forcepoint in 2021.
His sons, Ollie and Eddie, serve as MonacoSol’s chief executive and chief financial officer, respectively, managing the day-to-day operations of the firm. Together with Richard, the team has extensive experience in acquisitions, having completed over 30 deals.
MonacoSol’s strategy is to take majority stakes in promising B2B software and tech firms and to provide both capital and hands-on support to help them grow. The firm focuses on companies that possess their own intellectual property and are led by founders who could benefit from strategic guidance in sales, marketing, and commercial development.
Ollie Beaton commented on the firm’s plans: “We have significant funds at our disposal and are looking to invest in companies with strong growth potential. But beyond just providing capital, we aim to offer practical support and strategic advice. We’re in discussions with several founders and expect to complete two deals within the next six months.”
MonacoSol is currently eyeing deals with technology and B2B software companies and is known for its hands-on approach. Ollie explained that what sets MonacoSol apart from other private equity firms is its willingness to engage with smaller, more complex deals that traditional investment houses may overlook. The agility of the team, he said, enables rapid decision-making, a key advantage in the fast-paced tech sector.
“We look for businesses with their own intellectual property and founders who can benefit from our team’s expertise,” Ollie said. “The experience of our team, who have worked together across multiple businesses, adds real value to the companies we invest in. We’re able to make rapid decisions because we recognise the potential for growth quickly.”
MonacoSol’s current portfolio includes Open ECX, an accounts payable automation software provider; Hiring Hub, a recruitment software platform; and Furza, a graduate sales and training recruitment company. The firm has a proven track record, having sold construction software business WebContractor to Payapps last year.
Matthew Jones, founder of WebContractor and Open ECX, praised MonacoSol’s approach: “They didn’t just provide the capital to expand our teams and offices – they offered the advice, expertise, and people to make it happen.”
With its £40 million war chest and plans to acquire two more companies by mid-2024, MonacoSol is positioning itself as a key player in the UK tech and software sector, offering both investment and hands-on support to drive growth and success for smaller firms.
