London, 09 December 2024 – European mid-market tech investor, Tenzing, is delighted to announce that it has exited MetaCompliance, a leading Human Risk Management (HRM) platform in Europe, generating a return of 5.5x invested capital and a 53% IRR.
MetaCompliance is the first exit from Tenzing’s second fund (£400m, 2021) and follows the successful raise of Tenzing III at its hard cap, with over £900m of commitments, earlier this year.
Tenzing backed MetaCompliance in 2021, attracted by the opportunity to partner with an ambitious management team with a unique approach to the human aspect of cybersecurity, a large and rapidly growing sector. In the four years since, Tenzing has leveraged its Growth Team to accelerate MetaCompliance’s transition into a leading European HRM software platform of scale.
During that period, the business and its management team have consistently outperformed expectations, sustaining industry-leading software KPIs and revenue growth at >30% CAGR1. Tenzing’s Growth Team helped to underpin this growth trajectory, with further investment in sales, inbound lead generation and a new offshore development centre in Portugal.
MetaCompliance also accelerated its international expansion through M&A, acquiring two European hubs, in Denmark (MOCH) and Germany (IYS), with Tenzing providing sourcing and execution support through a dedicated Acquisitions Director. Two Tenzing Sherpas also provided bandwidth to the management team as the business continued to scale.
The transaction is expected to complete in the new year subject to customary regulatory approvals.
Milan Kellner, Investment Lead at Tenzing, said: “MetaCompliance is an exceptional business, and we are extremely proud to have been part of their success story. Our mission was to support the management team on their journey to become the European leader in Human Risk Management and we are excited to see their success continue to grow further to become a global leader with their new partner.”
James Mackay, CEO of MetaCompliance, said: “We’re incredibly grateful to Tenzing for their partnership, which has been pivotal in driving MetaCompliance’s growth and success. As we welcome Keensight Capital as our new equity partner, we’re excited to accelerate our mission and take the business to the next level with their expertise and support.”
Jean-Christophe Cini, Director at Keensight Capital, said: “We are excited to partner with James and the MetaCompliance team. As leaders in cybersecurity awareness training, they have already shown they can thrive in this fast-growing space. We can’t wait to support their next phase of growth.”
Tenzing was advised on the transaction by Baird, Simmons & Simmons, PwC, Alpha Advisory and Altman Solon.
1 Four year CAGR. FY21 – FY25.
