26th September 2023
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Cheshire-based Traverse has secured a £500,000 investment from NPIF – Maven Equity Finance which is managed by Maven Capital Partners and part of the Northern Powerhouse Investment Fund.
Established in 2007, Traverse is traditionally a supplier of intelligent automation solutions to the travel sector and offer a range of services including invoice matching and admin automation – to blue chip clients including the likes of Booking.com. The business plans to expand into other key verticals going forward, after having previously entered the telecommunications, recruitment and HR space.
Traverse has two key brands, Traverse Automation, which is a solution delivery and consultancy business focussed upon AI Automation and Data Warehousing. It also has Cognitive Flow, which is a product business focussed upon the development of Intelligent Automation software. This product is sold on a consumption model to enable the wide adoption of affordable intelligent automation into SME markets.
The funding will be used to drive the wider adoption of the Cognitive Flow product more quickly and also to innovate new AI-driven components.
NPIF – Maven Equity Finance which is part of the Northern Powerhouse Investment Fund has invested over £76 million into over 75 ambitious growth businesses across the North West region, creating over 1,500 new jobs in the process.
James Caplan, Investment Manager at Maven, said: “Traverse Associates has a strong reputation in the travel sector and is a key market leader in the growing RPA space. With its highly scalable tech and reliability of product, it is our pleasure to help Traverse Associates on its growth journey and expansion into new markets. We look forward to working with the team to achieve their goals.”
Traverse said: “This is an exciting time for Traverse; we’ve been successfully rolling out our automation solutions for a number of years, and this key investment will allow us to reach a bigger market with our Intelligent Automation product. Maven are a fantastic partner to help us to achieve this objective more quickly.”
Debbie Sorby, Senior Manager at British Business Bank, said: “Intelligent automation solutions are leading the way in the future of the workplace. Through this NPIF investment, Traverse will bolster their operations and continue advancing their technologies, paving the way for a workplace of the future. It is excellent to see this coming from Cheshire, representing the North as a place of innovation and technological advancements.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Maven Capital Partners UK LLP is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 495929.
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