Specialist Banking: OakNorth provides TritonExec with growth capital to fund their global expansion
OakNorth – the bank for entrepreneurs, by entrepreneurs – has completed a debt finance deal to TritonExec, an elite provider of executive search and talent advisory services focused on technology, private equity and professional services.
Founded in 2011 and Headquartered in London, UK, TritonExec has managed to carve itself a niche in this competitive sector. The business uses technology to predict and uncover subtle trends in compensation, diversity and talent shortages, as well as helping to determine which candidates are most likely to be successful in a certain organisation. It’s an investment that’s clearly paid off as despite its young age, the business has been able to attract multi-million-dollar contracts and build an impressive client list which includes: Capgemini, Accenture, Deloitte and Gryphon Investors, and their very first client, Genpact.
Forbes.com reported in March 2018 that TritonExec have in excess of $20 million new contracts lined up over the next 24 months and are quickly gaining market share away from the ‘big 5’ long-established global executive search firms dominating this market.
With offices in London, Atlanta, and most recently, New York, Triton has assisted in the recruitment of candidates all over the globe with most placements (60 percent) being made in the UK & USA, followed by the rest of Europe and the Nordics (35 percent), and Asia (five percent). It will use the finance from OakNorth to develop its global operation with an aim to hire 15 individuals over the next year.
TritonExec Partner, Adam Stolerman, said: “Our success to date can be attributed to the strong relationships we’ve forged, so it’s no surprise we’re partnering with OakNorth – a company which places a great deal of energy in understanding and believing in the clients they support. With this finance from OakNorth, we’ll be able solidify our position and take on even bigger contracts. Mohith and the team at OakNorth demonstrated the dedication you’d expect from entrepreneurs, not bankers – they took the time to understand our business.
Mohith Sondhi, Debt Finance Director at OakNorth, said: “The founders of TritonExec each have over a decade’s experience in the executive search industry and have known each other since they were five years old, so have a fantastic dynamic both as friends and founders. By embracing technology, they’ve managed to distinguish themselves in a highly competitive industry, winning major contracts that would ordinarily be the preserve of the ‘big five’ executive search firms. We’re delighted to be funding their expansion and look forward to continuing to work with them in the future.”
Launched in September 2015, OakNorth is a UK bank that provides fast, flexible and accessible debt finance (from £500k to £30m) to fast-growth businesses and established property developers / investors.
Since its launch, the bank has:
- Turned cash flow positive in month 11 (August 2016) and repaid all its accrued debts;
- Grown its loan book to over £1.2bn, directly helping with the creation of 5,100 new homes and 4,000 new jobs in the UK;
- Secured £364m in investment from a number of investors, including: GIC, Toscafund, Indiabulls, Coltrane, The Clermont Group, and Indiabulls, valuing the company at almost $1.3bn;
- Raised deposits from c.15,000 savers;
- Won numerous awards and been recognised as one of the UK’s fastest-growing businesses being listed on both the Leap 100 (2017) and Tech City UK’s Future Fifty (2018).