LONDON, November 26, 2018
LONDON, November 26, 2018 /PRNewswire/ --
PASS Technology Group Limited ("PASS" or the "Company"), the background checking and regulatory technology group, is pleased to announce the completion of a £3.25 million round of financing in order to accelerate the Company's growth plans.
The Company has raised the £3.25 million from existing shareholders to enable further investment in the PASS team and to facilitate expansion. The £3.25 million investment brings the total amount invested in PASS over the past three years to £9.5 million.
Specifically, the new funds will be used to expand the PASS team, facilitate new product developments and to enable the further geographic expansion of the PASS business, which may include one or more acquisitions that are currently under consideration.
As part of these plans, PASS has appointed Jack Teague to the position of Chief Operating Officer. Previously brought on board as Director of Strategic Projects, Jack's new role will see him actively involved in day-to-day operations.
Luke Battah, Chief Executive Officer of PASS, commented: "We are delighted that we have secured further funding to accelerate our growth plans and I would like to thank our shareholders for their support. I would also like to take this opportunity to thank those institutional investors who expressed an interest in investing in PASS. However, the overwhelming support from our existing shareholders was such that we have restricted this round of funding to those already invested in the Company.
"These are exciting times for PASS as we scale up to meet the ever growing needs and demands of our clients. We believe we have a unique offering that addresses the real needs companies have to ensure that they meet both their regulatory and business requirements when undertaking background checking.
"I am delighted to welcome Jack to the executive team. He has shown himself to be a highly talented and driven individual in his time with us so far and he is a brilliant addition to our leadership team.
"We look forward to announcing further additions to the team and significant developments at PASS in the near future."
PASS is an international team of background checking technology experts. We are constantly working to disrupt the industry and provide innovative solutions in order to make background checking quicker, easier and more effective.
Organisations choose to work with PASS because of our commitment to customer success and the simplification of background checking. At PASS, customers benefit from a best-in-class software solution, as well as our expert and industry specific knowledge on employment law, regulations and data protection.
Our team are experienced, passionate and above all professional. Whether we're helping a small business setup their first set of background checking processes, or supporting a large enterprise to review, analyse and mature their approach to screening, PASS is perfectly placed to help.
For more information please see: https://passtechnology.com
PASS Technology Group
Luke Battah, Chief Executive Officer
IFC Advisory (PR and IR)
Tim Metcalfe / Heather Armstrong / Florence Chandler