Oak Engage eyes ‘next chapter’ after deal

A Newcastle-based technology company is set for expansion following a multimillion-pound investment deal with a private equity firm.

Oak Engage, headquartered at Generator Studios, in Ouseburn, has been acquired by Manchester-based NorthEdge in an undisclosed transaction.

Specialising in award-winning intranet software, Oak Engage helps businesses engage and connect their workforce through a mobile app that uses AI to deliver personalised communications. 

The company’s client list includes household names such as Aldi, NatWest, Burger King UK, Halfords, Boohoo and ScS.

Founded and led by former Silicon Valley executive Will Murray, Oak Engage has experienced rapid growth supported by over £6 million in investment from Maven Capital Partners by July 2021, alongside additional funding from private investors and regional sources as part of a £7.4 million series A funding round.

Bosses say the fresh capital injection from NorthEdge will fuel further growth and investment to enhance the company’s capabilities and broaden its client base.

They add that the transaction provides an exit for previous investor Maven Capital Partners, delivering a 2.1 times return to its investors. 

Will Murray, chief executive at Oak Engage, said: “Oak Engage is entering an exciting phase of accelerated growth and this milestone marks a pivotal step in our journey. 

“The backing we’ve received is an endorsement of our vision and a reflection of the exceptional commitment and talent of our team. 

“I’m proud to lead the business through this next chapter with the support of NorthEdge.

“We are very grateful to Maven Capital Partners for their support in laying the foundations for this transition and we also thank Ian Richards and Northstar Ventures for their backing. 

“As we look ahead, our focus remains firmly on scaling our capabilities – investing in our people, our product and the experiences we deliver for our customers and their employees.”

Dan Matkin, director at NorthEdge, added: “We are delighted to be backing Will and the highly ambitious team at Oak Engage to continue the growth of the business following their success over the last few years. 

“The business operates in a fast-growth market that continues to evolve at pace, Oak Engage’s well-invested platform means they are well-placed to capitalise on the increasing demand for employee engagement tools.”

Northstar Ventures, an early investor in Oak Engage, supported the company’s growth with funds from the North East Innovation Fund, backed by the European Regional Development Fund.

Ian Richards, director at Northstar Ventures, added: “It takes a strong but flexible team to build a company, with the tenacity to keep going through all the challenges the journey entails. 

“Those challenges are far more navigable with guidance from experienced investors and Northstar has worked closely with the Oak Engage team to help develop strategy. 

“It has been gratifying to work alongside Oak Engage, see the team bring on board big-brand customers and gain support that can take them onwards to, we’re sure, even greater achievements.”

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