First Minister recognises role of private capital industry in Scotland
Scotland’s first minister John Swinney lauded the role that private capital plays in supporting businesses across Scotland at the British Private Equity and Venture Capital Association (BVCA) Annual Scotland Dinner.
The First Minister congratulated AutoRek and Murgitroyd from Glasgow and Edinburgh-based Quorum Cyber for winning BVCA Scotland Vision 2024 Awards. Sponsored by Grant Thornton and Santander, the annual awards honour the management teams of companies backed by private equity and venture capital.
In 2023, private capital invested £731m in Scotland, backing 104 companies. 145,000 jobs in Scotland are in businesses backed by private equity and venture capital. More than nine in 10 (93%) of the industry’s investments in Scotland were in small and medium-sized businesses.
AutoRek, a Glasgow based firm which automates reconciliation and financial control processes for organisations across the financial sector was commended for its strong performance and competitiveness within the complex reconciliations space.
Murgitroyd, founded in Scotland in 1975, was praised for its sustained commitment to diversity, equity and inclusion, which delivered benefits for the organisation and the wider intellectual property ecosystem.
Quorum Cyber, a leading cybersecurity company with a focus on risk management, was commended for its growth strategy and talent retention amidst a market supply shortage and its strong financial performance.
SEP (backing AutoRek), Sovereign Capital Partners (backing Murgitroyd) and Livingbridge (backing Quorum Cyber) all won awards for their outstanding support to investee companies. The judging panel also recognised Par Equity, a venture capital firm based in Edinburgh and Leeds, for its important role in backing innovative concepts in Scotland.
In total, 17 companies across the UK have been recognised for their outstanding achievement, as part of Vision 2024. Four of these businesses will be selected for the National Awards, which will be announced at the BVCA’s Gala Dinner on 4 December in London.
First minister John Swinney said: “The achievements of award winners and contenders celebrated by the BVCA demonstrate the rich, vibrant skills and talents displayed across Scotland’s renewable energy, natural capital, life sciences sectors, amidst others.
“Long-term, sustainable investment is key to Scotland and its communities, which is why the Scottish government is committed to supporting a healthy private capital market. Through collaboration, we can continue to grow the economy and provide communities with well-paid and sustainable jobs, enabling them to flourish.”
Michael Moore, BVCA chief executive said:“These awards celebrate the remarkable ingenuity and resilience of businesses throughout Scotland. This year, we saw an exceptionally strong lineup of Scottish nominees, resulting in three outstanding winners—AutoRek, Murgitroyd, and Quorum Cyber. These companies exemplify exceptional leadership – delivering financial success, innovation, and meaningful contributions to Scotland’s communities.
“We are proud to spotlight their achievements and to showcase the essential role private equity and venture capital play in driving the success of such dynamic companies and the Scottish economy.”
Debbie Mayor, partner at Grant Thornton said: “It’s inspiring to see the remarkable talent coming from Scotland this year. AutoRek, Murgitroyd, and Quorum Cyber have raised the bar for excellence, demonstrating a commitment to impactful growth.
“Grant Thornton are honoured to support the recognition of these outstanding companies and to celebrate their success stories, which highlight the transformative role of private capital.”
Richard Mathison, senior director, Scotland at Santander (UK) said: “The achievements of AutoRek, Murgitroyd, and Quorum Cyber reflect the best of Scotland’s innovation and ambition.
“These businesses are not only leaders in their fields but are also making substantial contributions to the Scottish economy and society. We are proud to support these awards and to celebrate the achievements of Scotland’s standout businesses.”
Federico Charosky, CEO at Quorum Cyber said: “I’m overjoyed that Quorum Cyber has been named as a Vision 2024 winner. This recognition is a testament to the relentless dedication of our entire team to the security of our customers around the globe. It is an honour to be acknowledged in Scotland – our home, a fantastic place to grow a business and attract and develop talented cyber security professionals.”
“As a Microsoft Solutions Partner for Security and a member of the Microsoft Intelligent Security Association (MISA), Quorum Cyber continually innovates and strengthens its services to safeguard the assets, data, and reputations of organisations in every sector against ever-evolving cyber threats.”
Gordon Stark, CEO at Murgitroyd said: “We are delighted and proud that Murgitroyd has been included in BVCA’s Scotland Vision 2024 Awards. This recognition really is a testament to the dedication and hard work of our teams as we strive for growth and continued commitment to our ESG initiatives.
“With the unwavering support of our private equity investors, Sovereign Capital Partners, Murgitroyd continues to strengthen our position within the intellectual property sector, delivering world-class strategic advice to our clients, and I’m excited for our growth journey to continue through this partnership.”
Chris Livesey, CEO at AutoRek said: “Since the growth equity investment from our partners at Scottish Equity Partners in 2021, we have seen business grow by 30% annually and project this to continue into next year and beyond, supported by increasing profitability.
“This has positioned us to establish high-value partnerships with global leaders like Microsoft, Capgemini, JPMC Payments and Calastone. We also recently opened our first international office in the US, creating an excellent platform for opportunity and expansion. These are genuinely exciting times for AutoRek, and we’re delighted that we can offer continually challenging and rewarding opportunities for our people.”
