For the businesses we partner with, a strategic acquisition is often a critical step in entering a new geography. But the acquisition is only the start of the journey. An excellent example of this is Peoplesafe’s acquisition of Ok Alone.
Peoplesafe is an industry-leading, technology-led employee safety business and the world’s largest provider of lone-working solutions. While Peoplesafe knew that the UK was the largest market for lone worker safety solutions, they understood their need to internationalise – specifically into Canada and the US where the most significant future market growth is forecast. This led to the successful acquisition of Ok Alone in August 2023, but what went into developing a North American growth strategy to deliver further growth from the combined business – before and after the acquisition?
Where to invest time and resource across a vast geography
Peoplesafe recognised a need to have a North American growth plan ready ahead of the acquisition, so they tasked ECI’s New York office with the research to inform that plan. A key objective was determining which geographies and customer end markets would provide the best return on commercial investment.
Questions that we addressed to determine where to focus included:
- Where and what types of customers make up North American revenue today for Ok Alone and competitors?
- How many addressable customers exist across different combinations of target industries and geographies?
- Where is the most interest in lone worker safety solutions by relevant keywords and search terms for marketing?
- Where do relevant regulations, professional associations, and key events exist to promote lone worker solutions?
Based on our findings, we prioritised which US states and Canadian provinces to target along with the industries most interested in lone worker solutions. Importantly, once we developed this list of geographies and end markets, we could tailor the findings to develop a plan for digital marketing investments, industry associations and events to attend, and lists of business development targets for outreach.
Implementing the strategy
With the strategy in place to establish our commercial focus and plans for growth, the team progressed to implementation with steps that included:
- Recruiting a US sales leader and mapping all business development territory/sector combinations across the sales team
- Joining target associations and attending relevant events
- Enhancing product features, marketing collateral, and pricing to reflect research findings
- Investing in digital marketing and public relations in prioritised areas
- Building out a North American approach to tracking requests for proposals and tenders
- Refining partnership processes and approach
This is now all in place with forecast activities, spend, and deadlines detailed for the remainder of the year.
Net recurring monthly revenue doubled
With the whole team pulling in the same direction, the benefits of a comprehensive go-to-market approach are now being realised.
To date, the business has seen a 40% increase in inbound leads through the focused digital marketing efforts that the research suggested. As a result, net recurring monthly revenue in North America has doubled over the last 12 months through additional sales to both existing customers and new logos – even faster than the historical 40% recurring revenue growth the business has demonstrated.
There remains a lot to learn, especially as Peoplesafe looks to educate a nascent American lone worker market, and they may need to refine their approach from these lessons, but the results so far show the value that a clear research programme can deliver – and we expect to be able to share even better results in the months to come.
Insights
08/10/2024
Brett Pentz
Read Time: Min
How Peoplesafe doubled recurring revenue in a new geography
In our latest Quick Fire, we sat down with Tamsin Webster, ECI’s Head of People, to discuss her experience joining the team, how HR has evolved and the most important trait needed for working in people management.
Q: You’ve been at ECI for three months now. Has it been as expected?
Yes, definitely. I’ve worked with investment professionals for most of my career, so I had a good sense of the environment and the type of people I’d be working with.
The interview process was also very thorough and included a case study response. The leadership team was very engaged during the different stages, and their collaborative style reflects exactly what I’ve encountered since joining. The whole interview process gave me a good picture of what to expect, and I chose ECI as a result. I’m glad to say that reality is completely aligned with my expectations.
Q: What does your role as Head of People entail?
At the moment, my focus is on ECI internally, rather than directly working with our portfolio companies. I’ll be building on the established processes and systems - recruitment, performance management, feedback and development - as well as maintaining and evolving our culture.
I’m also starting to build ways to help our Investment Team so they have the best tools / processes available to support their portfolio companies. They balance multiple roles in the investment cycle with each phase requiring different skills, and I’ll be looking to create tools to make sure they have everything they need to navigate all the stages confidently.
Q: What challenges do mid-market companies face when it comes to people management?
One of the biggest challenges is that mid-market companies don’t have the brand recognition of larger corporations, so they need to work harder to attract top talent, and in a more competitive market, need to offer something compelling. This isn’t just about salary or benefits but the entire experience, from the first interview to onboarding and beyond. Candidates need to feel connected to the company’s vision and growth story, which can be a unique selling point for smaller businesses.
Once hired, it’s about making sure employees feel engaged and valued, especially as the company grows and evolves. Creating a strong, personalised experience for employees can go a long way in retaining top talent in the long term.
Q: How has HR evolved since the pandemic?
The pandemic accelerated changes that were already underway in the HR world. The shift to remote work and flexible schedules pushed companies to think more about employee wellbeing, productivity, and engagement in new ways. The traditional employer-employee dynamic has shifted from being very much employer-driven, to more employee-driven, and the pandemic sped up that transition.
The talent market has also opened up geographically. Now, companies can tap into talent from anywhere, which brings its own set of challenges and opportunities. There’s more on the HR agenda than ever before, and the nuances of managing people have become more complex. It’s no longer just about policies and procedures, but about creating an environment that takes individual needs into account while maintaining alignment with business goals.
Q: What’s the most important trait for working in HR?
Balance. As Head of People, I often sit in the middle of multiple perspectives: the employees, the leadership team, and the business as a whole. You have to understand the needs of each group and find a solution that works for everyone while ensuring the long-term success of the business.
It’s also important to be confident and be able to influence. Sometimes, you need to challenge the status quo or push back on decisions, but always in a way that brings people along on the journey.
Q: What do you enjoy most about working in people management?
I love that I can directly add value to the business every day. Whether it’s solving a problem, helping someone develop a new skill, or making sure the right person joins the team, I know I’m making a tangible difference. For me, it’s not about just making people happy—it’s about driving results that benefit both the business and its people.
Quick Fire with Tamsin:
What do you do to unwind?
I’ve been working on a garden project for the past three years, so I spend most of my free time gardening and growing vegetables. I also have a dog, so between him and the garden, I’m pretty busy!
Favourite film?
It would have to be a favourite genre - sci-fi. There’s something about the storytelling that resonates with me.
Who’s inspired you the most?
At every key milestone in my career, I've been lucky to have amazing bosses who showed me what a role model could be. Importantly teaching me how to understand what people need, what their motivations are, and then, alter my narrative as necessary to bring people on the journey.
What’s the best advice you’ve received?
Be patient. My natural style is to get things done. I’m very action-orientated and results driven, but sometimes patience is important to get the right answers and bring people with you.
What’s your superpower?
I have a knack for connecting seemingly unrelated dots and coming up with creative solutions to problems that others might not see.
Insights
02/10/2024
Read Time: Min
“Quick Fire” with Tamsin Webster
ECI partner, Lewis Bantin, recently caught up with Harvard Business School professor, coach and podcaster Archie L Jones, to discuss his new book, The Treasure You Seek.
In the book, Archie outlines the “5 C’s” of Leadership Capital (Capability, Culture, Communication, Connection and Confidence) and how each is a building block to deploy that capital.
Whether you’re a corporate leader or entrepreneur, leadership is not about title or status. It’s a “process of social influence that maximises the efforts of others toward the achievement of a goal”. Whatever you want to achieve, Leadership Capital is the resource you need to get there. It’s the currency of change.
Here’s what Archie had to say…
Why did you write the book?
The main reason was around building confidence.
Throughout my career and particularly when teaching at the Harvard Business School, I was acutely aware there wasn't a shortage of capability by any stretch. But I found one of the biggest challenges I witnessed was a lack of confidence. The confidence to actually go after the things that you aspire to.
I don't feel you can teach confidence, but what I can do is help build confidence. So ‘The Treasure You Seek’ is about building confidence for both aspiring leaders, as well as those who've already been titled as leaders, to continue on that journey of building and stretching their confidence.
How did you develop the 5 C’s framework?
The framework came off the back of notes I was capturing when coaching leaders and we kept coming back to the same themes. I was also cataloguing the advice I was giving and it repeatedly fell into these five buckets. So I distilled all that knowledge into the book’s framework with the first four C’s working towards building the fifth C, Confidence.
The first C, Capability, describes finding your superpower. Does everyone have a superpower?
I believe so, yes. But the one thing about superpowers is that they rarely align perfectly with a job description or career, and that’s part of the journey. The book provides ideas, processes and examples to help align your superpower to a career, overcome the natural barriers that often present themselves, and help you make the leap.
Imposter Syndrome is a recurring theme, why is that?
The book deals with the internal journey you have to go on, and Imposter Syndrome is often a key element of that journey. But in most cases, it’s not other’s discomfort with you, but your own discomfort, so you have to build that confidence internally. Until you believe that you've got all the skills to be an exceptional contributor or leader, it's tough to exude that externally to others.
Which of the 5 C’s do most people struggle with?
Personally, I find it’s the third one, Culture.
Potentially because it’s where most Imposter Syndrome lies - does my culture disqualify or qualify me for the opportunity? Someone’s background often provides the excuses, and sometimes they’re good excuses, not to move on. But they are just that, excuses. I think the most powerful part of anyone's journey is thinking differently about themselves.
What do you want people to take from the book?
I didn’t coin the phrase “having the confidence to exceed your ability”, but that to me is all the magic coming together and you attain the confidence to reach beyond what you know is attainable, where you know you can succeed, where you know you can outperform. To actually go to those uncomfortable places where you think “I've got 80% of it, I don't know where that other 20% is going to come from, but I'm going to reach for it”.
Who’s the book aimed at?
I think it has universal appeal, but I really wrote it for those aspiring and undiscovered leaders. Those who don’t think of themselves as leaders and have yet to find that catalyst or spark. But there are definitely truths that can help anybody with the confidence to achieve what they want.
You were nervous about writing the book. Have you found the treasure you sought?
It was a million times worse in my mind than it’s turned out to be. In reality, it’s been phenomenal. The fact that I’ve been able to share my coaching with so many people who will never be in my classroom, and hearing that it’s changed their trajectory, is fantastic.
But there’s been another surprise. Junior Achievement Africa, which trains 800,000 aspiring leaders across 18 countries on the continent, was so inspired by the material they've included it in their summer leadership program. That’s more than anything I could have wished for.
Archie L. Jones Jr. is a Harvard Business School Professor, founder and CEO of NxGen COACH Network, investor and host of the Training Camp For Leaders podcast.
Insights
26/09/2024
Read Time: Min
The Treasure You Seek
Award-winning BCN Group has appointed Victoria Jackson as Chief People Officer to oversee the human resources function. A Fellow of the CIPD, Victoria is a highly experienced HR professional, having spent 20 years in people management across a range of industries from boutique independents to FTSE100 businesses in the TV, technology, retail and hospitality sectors.
With BCN experiencing exponential growth in the past three years, the business now employs 425 people in Manchester, Leeds, Reading and Belfast and Victoria will be working with the rest of the management team to further develop best-in-class HR practices that nurture the existing team and attract new talent through a focus on making BCN an employer of choice as the business continues to thrive.
An important part of Victoria’s role will be the continued development of the BCN Academy, set up to ensure every employee has access to relevant training, the opportunities to gain insight from leading thinkers and innovators, and empower individual growth.
News
18/09/2024
Read Time: Min
BCN appoints Victoria Jackson as Chief People Officer
We're delighted to announce four new additions to the ECI team as we continue to deploy our £1bn fund, ECI 12.
Chris Mockford joins as Investor Relations Director. Chris was most recently an IR Director at Zetland Capital, a pan-European special situations fund, and has over 10 years’ experience in fundraising and investor relations roles, the bulk of which was spent in Evercore’s Private Funds Group. His experience at Evercore included providing fund-raising advice for financial sponsors across private equity, private debt, infrastructure and real assets. Chris will support the team and our Limited Partners with co-investment, fundraising, and secondary activities across the portfolio.
Also starting this month, Ludvig Hamilton joins as Investment Associate. Ludvig brings extensive experience of northern European investments, particularly in the technology sector, having spent several years in Sweden where his roles included Investment Banking Associate in the Global Technology Group of Houlihan Lokey and Senior Analyst in the M&A team at Deloitte Corporate Finance. Ludvig will focus on engaging with management teams, evaluating and executing new deals, and supporting ECI’s portfolio companies.
The Origination Team at ECI has been boosted by two new appointments.
Christy Welsh joins as Origination Manager from Deloitte. After training as a Chartered Accountant in Transaction Services, Christy spent three years leading Deloitte’s TMT M&A origination efforts. Christy will develop market theses, meet with market participants and assess opportunities, with a particular focus on the HealthTech and Data subsectors. Christy’s completion of the Oxford AI Programme will also be beneficial as we continue to hone and implement ECI’s proprietary AI tool, Amplifind, in the deal origination process.
Sam Veevers has joined ECI's Origination Team as an Analyst, bringing experience from Houlihan Lokey where he worked as a Deal Origination Analyst. Sam will concentrate on identifying and prioritising potential investments and M&A opportunities for ECI and its portfolio companies.
News
09/09/2024
Read Time: 1 Min
ECI boosts Investor Relations, Investment and Origination Teams
Building a robust and creative marketing engine is crucial for growth and success. Yet, navigating the different marketing leadership roles – Head of Marketing, Marketing Director, and Chief Marketing Officer (CMO) – can be perplexing and masked in ambiguity. As a result, and we think mistakenly, the titles are often seen as interchangeable. Here we look to clarify the leadership positions, understand the nuances of each role, and shed light on what may be the right fit depending on a company's stage of growth.
Head of Marketing: the orchestrator
The Head of Marketing's role is akin to a musician leading a tight-knit ensemble. They're the hands-on leader, responsible for day-to-day marketing execution. Their expertise lies in:
- Campaign implementation: developing and executing marketing campaigns across multiple channels including digital, content, and events.
- Team management: leading and motivating the team, ensuring everyone is aligned with the overall strategy.
- Budget management: overseeing the budget, ensuring efficient allocation of resources as returns change.
- Data analysis: Monitoring campaign performance and adapting strategies based on insights from competition and customers.
The role is ideal for companies with an established marketing team but lacking a clear and focused leader. The Head of Marketing ensures smooth campaign execution, team cohesion and driving results.
Marketing Director: the architect
Think of the Marketing Director as an architect. They take a broader perspective, designing the overall strategy to align with the company's business goals. Their key responsibilities include:
- Strategic planning: developing a long-term marketing strategy aligned with the company's vision and growth objectives.
- Market research: conducting market research to understand customer needs, competitor landscape, and industry trends.
- Building brand identity: shaping and managing the company's brand image and messaging across every prospect and customer touchpoint.
- Driving revenue growth: developing strategies to generate leads, increase brand awareness, and ultimately drive sales.
Hiring a Marketing Director becomes crucial when a company requires a strategic shift to evolve and grow. They can revitalise a stagnant marketing function by creating a data-driven, results-oriented approach.
CMO: the visionary leader
The CMO sits at the helm of the marketing ship, steering the entire department towards achieving revenue goals. They are not just marketing leaders; they are C-suite executives who influence the overall business strategy. Key responsibilities include:
- Executive leadership: leading the marketing department, setting the overall vision, and aligning it with the company's strategic direction.
- Cross-functional collaboration: working closely with other departments in particular sales and product management to ensure a unified go-to-market approach.
- Industry advocacy: representing the company at industry events and acting as a thought leader within the marketplace.
- Building a high-performing team: recruiting and retaining top talent to build a best-in-class function.
A CMO is ideal for established companies poised for significant growth. They bring a wealth of experience and a strategic mindset crucial for navigating complex market dynamics and building a sustainable competitive advantage.
Finding the right fit
The decision to hire a Head of Marketing, Marketing Director, or CMO hinges on your company's specific stage of development which can be broadly split into three stages:
- Early-stage growth: if you have a nascent marketing team or lack a dedicated leader, a Head of Marketing can provide the operational and execution expertise needed to launch effective campaigns.
- Expansion phase: as your company expands, a Marketing Director brings strategic thinking and market expertise to refine your brand identity and drive a broader growth agenda.
- Scalability and transformation: during significant growth or overseas expansion, a seasoned CMO is invaluable. They can elevate marketing to an executive-level function, influencing overall business strategy and driving transformative growth initiatives.
Insights
04/09/2024
Lewis Bantin
Read Time: Min
Decoding marketing leadership: heads, directors and chiefs
Each month we turn the spotlight on the leadership teams in our portfolio to find out what drives them, who inspires them and the biggest lessons they've learnt.
This month, we're delighted to welcome BCN's CEO, Rob Davies.
Based in Manchester, BCN is a UK-focussed IT managed and cloud services provider. It supports over 1,000 clients to deliver and manage business-critical technology solutions to over 30,000 users. Rob has been at BCN since 2020, becoming CEO in January 2022.
Q: Which one rule do you expect your employees to abide by?
We have a number of sayings such as “Think Customer” and “Collaborate internally, compete externally”, but in reality, for employees it’s about humility and respect. Treating each other with respect and maintaining humility both support a positive work environment.
Q: What motivates you?
My motivation stems from multiple sources. Firstly, my family provide support and encouragement. Secondly, my colleagues inspire me to excel. Lastly, the drive to build an industry-leading and successful business - one that I can be proud of.
Q: What are you most proud of in your career?
There are number of things - from winning business and building successful propositions - I’ve been fortunate to be a part of some great teams in my career. However, being appointed as the CEO of BCN Group remains my proudest moment. It reflects both my personal growth and the trust placed upon me by the business.
Q: Who do you admire / who inspires you?
People who succeed over adversity. If you read some of the stories of Victoria Cross winners and the sacrifices they made, their journeys are truly inspiring. Sport has had a big influence on my life, in particular, Rugby. Richie McCaw, All Black captain, won 88% of his 99 test matches as captain, including two back-to-back world cups, he’s truly an inspirational leader and player.
Q: What’s the biggest lesson you’ve learnt?
Never assume! Assumptions can lead to misunderstandings, missed opportunities and ineffective decision-making.
Q: What do you think makes a good leader?
For me, leadership is about inspiring and empowering others, while upholding the values and standards of the organisation.
Q: Why did you choose ECI?
We chose ECI for several reasons. Their knowledge and track record in our sector were impressive. Equally important, was their conduct during the process—it revealed their personality and organisational culture. We recognised shared values, which will bring the best out in BCN.
Q: What do you do to relax?
Walking my working cocker spaniel, Talisker - she needs a lot of exercise! I’m a (very) occasional gym-goer and have recently become a ‘beginner’ padel tennis player. I enjoy following my three sons around the UK and further afield, watching them all play rugby.
Q: Night in or night out?
Friday Night out, Saturday Night in! I can’t manage two nights out on the bounce these days.
Q: Favourite film?
You can’t beat a bit of swashbuckling adventure - therefore it has to be “Master and Commander” by Peter Weir.
Curriculum Vitae
- Age: 52.
- Family: Wife, Sarah, three sons, Will (22), Alex (20) and Ollie (18).
- University & qualification: Hull University, BH (Hons) Business Studies
- Career summary: Sales Director, Chief Revenue Officer, Managing Director, CEO across Digica, Computacenter, Pulsant & BCN Group
Insights
27/08/2024
Read Time: Min
“In Focus” with BCN CEO, Rob Davies
ECI Head of People, Tamsin Webster, reflects on how managing human resources has changed over the past two decades and what people managers need to do to stay skilled, involved and at the cutting edge to capitalise on arguably a company's most important asset.
Five ways HR leadership has changed
The role of HR leaders has undergone a seismic shift in recent years. Once primarily seen as an administrative function, HR has emerged as a strategic business partner, playing a pivotal role in driving organisational success. This evolution has been accelerated by a confluence of factors, including tech advances, changing workforce demographics, and the increasing complexity of the business environment.
As recent name changes might suggest (Human Capital, People, People Operations) HR leadership is no longer simply about compliance and administration; it's about unlocking human potential and creating a high-performance culture.
1. From administration to strategy
Traditionally, HR leaders ran largely transactional departments, focused on tasks like payroll, recruitment, and benefits administration. While these functions remain important, the modern HR department has expanded its remit significantly. Today, HR is at the heart of shaping an organisation's culture, attracting and retaining top talent, and being strategically and commercially focused to drive business growth.
A key aspect of this evolution is the adoption of a data-driven approach. HR professionals now have access to a wealth of data that can be used to inform decision-making. By analysing employee data, HR can identify trends, measure the impact of initiatives, and make evidence-based recommendations. For example, interrogating data on employee turnover to identify potential issues with retention, enables you to hone in on initiatives that really work, rather than trying a host of different programmes and approaches and hoping for impact.
2. The rise of the employee experience
The employee experience has become a critical differentiator for businesses – it’s no longer a one-way street determined by what organisations expect or demand from their employees. People’s expectations about what they expect from work and life have evolved. Employees who feel valued, engaged, and supported are more likely to be productive and loyal. HR leaders should play a crucial role in creating a positive employee experience. This involves everything from onboarding new employees to providing opportunities for professional development and creating a supportive work environment.
Additionally, HR must adapt to the evolving needs of the workforce. The gig economy, remote work, and flexible working arrangements have redefined the traditional employment relationship. HR leaders must be agile enough to respond to these changes while ensuring that the organisation has the talent it needs to succeed.
3. Talent acquisition and retention
Attracting and retaining top talent is a perennial challenge. In the global talent economy, great people have a choice of where and who to work for. Employers must differentiate themselves to become the employer of choice. HR leaders need to seize the opportunity and be at the forefront of initiatives developing effective recruitment strategies, employer branding initiatives, and talent development programs.
As a result, employee retention has become increasingly important. High turnover is costly and disruptive and HR now plays a vital role in reducing turnover by fostering a positive work environment, offering competitive compensation and benefits packages, and providing opportunities for career growth.
Building workforce capability is also critical to supporting this, with technology rapidly driving changes to training methods. Gone is the lengthy week-long (or longer) classroom-based learning, replaced with bite-sized blends of online, in-person, practical and reflective activities. Personalising learning and making it needs based, driven by the learner and ‘just in time’ is the new modus operandi.
Further to that, good business outcomes are achieved within environments where a wide range of perspectives, experiences and skills are brought to bear. HR leaders need to ensure that inclusion is a thread that weaves through the people strategy and decisions made across the business.
4. HR as a business partner
To be truly effective, HR must be aligned with the overall business strategy. HR professionals need to have a deep understanding of the business and be able to contribute to strategic decision-making. Often this means translating the strategy into what that means for every people process and by partnering with other departments, HR should help drive business growth and improve operational efficiency.
Moreover, HR leaders are more often required to adopt the role of coach to the executive team and guide them to understand and articulate the true purpose of the firm. Then moving from coach back to partner, helping leaders and holding them to account to deliver meaningful actions within their respective business areas.
5. The road ahead
The role of HR leaders will continue to evolve as the business landscape changes. Emerging technologies such as artificial intelligence and automation are transforming HR processes, freeing up time for HR professionals to focus on strategic initiatives.
The HR leader is no longer a support resource; they are a strategic business driver. By embracing the changes and challenges of the modern workplace, they play a vital role in helping organisations achieve their goals and build a sustainable competitive advantage.
Insights
21/08/2024
Tamsin Webster
Read Time: Min
Delivering a high performance culture
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