Spikes Cavell receives a $3.3 million investment

PRESS RELEASE - Spikes Cavell receives a $3.3 million investment

Spikes Cavell – a leading light in spend management raises Series A investment from Dawn Capital

LONDON, UK, November 17, 2009 – Spikes Cavell (www.spikescavell.net), a leader in data-based solutions for over 18 years announced today it has raised a £2M Series A investment led by Dawn Capital who were joined by existing investor IQ Capital in the round. The Company will use this investment to accelerate product development, build on the very promising early results of the US launch and continue to build its client base.

Norman Fiore, Managing Partner at Dawn Capital, will join Spike Cavell’s Board of Directors. Fiore says, “Spikes Cavell has been a leader data-based solutions for many years and are we are very to excited to be backing their solutions to help public sector organisations transform their procurement. They are by a considerable margin the leading supplier of spend management solutions to the public sector in the UK. CEO Luke Spikes with co-founder Roger England has brought together a tremendous team and we are anticipating strong demand for Spikes Cavell’s suite of products as public sector procurement is increasingly put in the spotlight.”

Luke Spikes says “Our years of experience, combined with our track record in delivering on our promises, have helped us become the leading supplier of spend management solutions to the public sector. Our customers include organisations from all areas of the public sector, nationwide. IQ Capital backed us last year and we are very pleased they are also participating in this round”

“This is a very exciting investment for Dawn Capital” said Fiore, “Public sector procurement is undergoing a game changing transformation as public sector bodies need to deliver savings, procure collaboratively, improve recovery of overpayments and last but not least measure supply chain CO2 impact. Spikes Cavell has anticipated this trend, and is leading the field by a considerable distance. We look forward to working with the team.”


ABOUT SPIKES CAVELL (www.spikescavell.net)
Spikes Cavell has been leading the way in data-based solutions for over 18 years. Our extensive expertise was built up through developing innovative data-based solutions to support decision making and programme execution in the private sector. Since 2004, we have turned our attention to translating this experience into producing solutions to help public sector organisations transform their procurement. Our years of experience, combined with our track record in delivering on our promises, have helped us become the leading supplier of spend management solutions to the public sector. Our customers include organisations from all areas of the public sector, nationwide.

ABOUT DAWN CAPITAL (www.dawncapital.co.uk)

Dawn Capital are institutional investors and experienced business builders that have previously collectively invested in over 100 companies and been involved in several high profile rapid growth technology businesses, such as Virgin Media, Forbes.com, Advertising.com, and Self Trade. Dawn Capital backs outstanding companies seeking expansion capital of up to £5M in the Financial Services and TMT