Software business MyDigital celebrates new chapter following MBO as it embarks on a programme of growth with new ownership

Maven Capital Partners (“Maven”) has successfully exited My Digital Accounts Limited (“My Digital”), a leading provider of cloud-based payroll and accounting software, following a private management buyout (MBO).

The My Digital platform is a fully integrated, secure and scalable system to help clients accurately process payroll runs at speed, with an aim to improve all facets of payroll processing whilst minimising overheads. Designed for umbrella companies, accountancy practices and staffing agencies active in the temporary workforce sector, the business now supports over 70 companies to enable temporary workers to get paid accurately and on time.

In 2019, NPIF – Maven Equity Finance which is managed by Maven and part of the Northern Powerhouse Investment Fund (“NPIF”) invested £1.2 million to enable the business to significantly scale its operations, double its headcount, develop a range of innovative FinTech products, and enhance its marketing efforts.

My Digital is now a market-leading provider of payroll and accounting software in the temporary labour market, winning multiple industry awards, including and a ranking in the Top 50 fastest-growing tech companies at the Northern Tech Awards for four consecutive years.

Todays’ transaction marks a significant milestone in the company’s journey and underscores Maven’s commitment to nurturing innovative businesses in the UK’s Northern regions and driving their growth to realise their full potential.

John Whelan, CEO of My Digital said,

“This management buyout is a testament to the hard work and dedication of our entire team and the unwavering support from Maven and the first Northern Powerhouse Investment Fund. Special thanks to Gavin Bell, who saw potential in our vision, and Karen de Meza, whose operational guidance was invaluable. Our company has not only achieved but surpassed our expectations thanks to their support at a crucial time.” 

Karen de Meza, Portfolio Director at Maven, added,

“We are delighted to see My Digital transition into this new phase of ownership. The management buyout is a testament to the Company’s strong leadership and solid financial foundation, which were developed under our partnership. At Maven we look to build long term positive working relationships with the people we back providing insight and strategic input through board and operational engagement. This exit marks another milestone in Maven’s track record of identifying and developing high-potential businesses.”

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.

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Further information

For media enquiries or any questions about the investment, please contact:

Sapience Communications (PR to Maven)

Richard Morgan Evans    

[email protected]

Maven Capital Partners

Ryan Bevington                   

[email protected]

About Maven Capital Partners UK LLP       www.mavencp.com  

Maven (a subsidiary of Mattioli Woods plc) is a leading private equity house focused on the provision of flexible funding for high growth businesses, and one of the most active SME investors in the UK. Headquartered in Glasgow, and with offices throughout the UK, Maven has over 100 investment and support professionals providing a truly nationwide coverage. Maven has over £790 million funds under management and available to invest, and manages assets for a variety of client funds, including Venture Capital Trusts, MBO Fund, UK regional fund mandates, and Maven Investor Partners, a syndicate of institutional, family office and experienced investors.

About My Digital

My Digital offers a cloud-based software suite encompassing payroll, and accounting, tailored specifically for umbrella companies, accountancy practices, and staffing agencies operating in the temporary workforce sector. The platform is recognised for rich functionality, seamless integrations, robust security, and scalability, enabling rapid and compliant payroll processing. Over the past nine years, My Digital has been honed into the preferred software solution in the umbrella payroll space, enhancing all aspects of payroll operations while reducing operational costs. The platform boasts numerous distinctive features designed to assist payroll firms and staffing agencies in providing a flawless gross-to-net experience for the assignment-based supply chain.

About the Northern Powerhouse Investment Fund

•                The Northern Powerhouse Investment Fund will invest in Microfinance, Business Loans and Equity Finance sub-funds which will offer financing ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.

•                The Northern Powerhouse Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity,

•                The Northern Powerhouse Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.

•                The NPIF covers the following LEP areas: Tees Valley Combined Authority, Greater Manchester, Cheshire and Warrington, Cumbria, Liverpool City Region, Lancashire, Hull and East Yorkshire, Leeds City Region, South Yorkshire Mayoral Combined Authority, York & North Yorkshire

•                The project is receiving up to £140,359,192 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Levelling Up, Housing and Communities is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk/european-growth-funding.

•                The funds in which Northern Powerhouse Investment Fund invests are open to businesses with material operations, or planning to open material operations, in, Yorkshire and the Humber, the North West and Tees Valley.