The Key Group buys Chester edtech firm iAM Compliant as Maven exits

Private equity-backed education software company The Key Group has acquired iAM Compliant, a Chester-based edtech scale-up, giving investor Maven an exit.

iAM Compliant’s cloud-based software helps schools and academy trusts manage compliance and their estates.

Maven put £3.5m in total into the business, using the first Northern Powerhouse Investment Fund, Maven Investor Partners and its venture capital trusts (VCTs).

Over the course of the investment, iAM Compliant’s annual recurring revenue rose from about £600,000 to £3.2m, which Maven said produced a “strong return” for its funds.

In the last 18 months, licensed revenue has risen by 88% and the average revenue from each customer has more than doubled, after the company sharpened its focus on its core software.

iAM Compliant will become part of The Key Group, whose school management software is used by more than 20,000 schools in the UK. The deal adds specialist estates and compliance management to the group’s existing services.

Luke Pargeter, CEO of iAM Compliant, said: “Maven understood our vision from the outset and shared our belief in the opportunity to build a category-leading software platform for the education sector. Throughout our partnership Maven have provided constructive challenge, strategic support and access to their network that helped us scale the business and deliver value for our clients.

“We are incredibly proud of what the team has achieved and excited about the opportunities that lie ahead as part of The Key Group. The combination brings together complementary strengths and creates a powerful platform to support more schools across the UK.”

Karen de Meza, partner at Maven, said: “Luke and the team have built an outstanding business with a deep understanding of the challenges facing schools and academy trusts. What has impressed us most has been their willingness to evolve and execute at pace, sharpening the company’s focus, strengthening its commercial capabilities and creating a genuinely market-leading solution.

“This investment also demonstrates the breadth of Maven’s offering. We were able to support the business through successive stages of its development and enable management to partially de-risk through an equity release when key operational and financial targets had been achieved. We wish the team every success in the next stage of its journey.”