Before summer even got going, it's now almost Halloween! So as the nights draw in and the mercury drops, it's a great time to start a new book. For inspiration, here’s what the ECI team are reading as we start to enjoy the season of long shadows.
Louis Jans
The Year of the Locust, by Terry Hayes
This is Terry Hayes’s highly anticipated second book, following my all-time favourite fiction novel “I am Pilgrim”, published in 2013 and I was extremely excited to read it.
It’s a modern day spy novel where a secret agent is tasked with chasing down a highly trained and intelligent “super terrorist” across the globe. It’s a real nail biter that you don’t want to put down, so you’ll get through the 700 pages in no time.
The Year of the Locust is a very good read that I enjoyed immensely, but in my opinion, it fell just short of the very high bar set by I am Pilgrim. If you’re into fiction/spy novels, both books are great, but if you do have to choose one, go with Hayes’ first.
Christy Welsh
The Psychology of Money by Morgan Hansel
The Psychology of Money by Morgan Housel is a refreshing departure from traditional finance books, which often emphasise technical, maths-based strategies for building wealth. Instead, Housel focuses on the human side of money, exploring how personal experiences, emotions, and perceptions shape our financial decisions and success.
Through 20 concise, insightful chapters, he presents key psychological principles - many of them counterintuitive - that influence how we think about and manage money. The book's engaging anecdotes and accessible storytelling make complex ideas relatable, leaving a lasting impression long after you've finished reading.
George Moss
Shantaram by Gregory David Roberts
Shantaram by Gregory David Roberts is an epic novel based on the author's extraordinary real-life experiences. The story follows Lin, an escaped Australian convict who flees to Mumbai, in search of freedom and reinvention. Once immersed in the vibrant and hectic city, Lin forms deep connections with locals, navigates the criminal underworld, and even finds himself living in a slum.
The book captures the rich, contrasting tapestry of India - its beauty, poverty, spirituality, and corruption. With a blend of action, philosophy, and romance, Shantaram explores themes of redemption, the human condition, and the moral complexities of life. At nearly 1,000 pages, it’s an immersive read, offering a mix of thriller and introspective reflection. If you enjoy vivid character development and complex cultural settings, you’ll love this book as Roberts’ writing is both poetic and gritty, making it a compelling adventure for those seeking depth and escapism.
Brett Pentz
The Forever Dog by Rodney Habib and Dr. Karen Shaw Becker
The Forever Dog by Rodney Habib and Dr. Karen Shaw Becker offers a science-driven guide to extending the lifespan and health of your canine companion (and is reminiscent of our successful investment in MPM). Drawing on the latest medical research, the book delves into key factors that influence dog health, including diet, physical activity, stress management, and the importance of social interaction.
Habib and Becker advocate for a proactive approach, encouraging pet owners to adopt healthy practices, such as integrating nutrient-rich foods and supplements into their dog’s diet and addressing lifestyle factors that can prevent disease. The book also highlights the emotional and practical bonds we share with our pets, which I’ve seen first-hand with my well-travelled 13-year-old Beagle mix who has lived in both the US and UK. For business owners, particularly in the pet food and wellness sectors, the book offers valuable insights into emerging trends. Overall, The Forever Dog provides a thoughtful roadmap to ensuring a longer, healthier life for beloved pets – I’ll let you know its efficacy when my dog hits 15 or maybe even 20 years old!
David Shiel
Unruly by David Mitchell
If you think you know England's monarchs you might be in for an hilarious history lesson. In Unruly, David Mitchell uses his sardonic style and throws out the stuffy textbook approach to reveal a side of English royalty you never expected. Forget stoic leaders – Mitchell paints them as a motley crew of lucky, sometimes downright bizarre characters.
From the non-existent King Arthur to the appropriately named King Cnut, he wittily describes power struggles, treachery and bizarre deaths as he dismantles the myth of the infallible monarch. He reminds us that history is often funnier – and messier – than we imagine in an entertaining tour through England's unruly past.
Insights
24/10/2024
Read Time: Min
What are ECI reading? Our autumn reading list:
Commify, the global leader in business messaging solutions to Local Enterprises, announced its further expansion in the US with the acquisition of Tennessee-based Text Request. The acquisition is Commify’s 18th since 2013 and its second since our investment.
ECI invested in Commify in 2023, valuing the business at €300 million, and the acquisition represents Commify’s biggest investment to date, further demonstrating our commitment to growing and scaling its international presence.
Text Request, founded in 2014, is a SaaS platform that provides a plug and play texting service, including conversational and customer engagement messaging solutions to small and medium sized businesses across the US. The business has scaled rapidly, growing at 60% a year from 2021 to 2024 and is approaching $15m ARR and $20m total revenue. Text Request serves over 7,500 loyal customers, won and grown through best-in-class digital marketing and exceptional local service from a team of 40, based in Chattanooga, Tennessee. For the past four years it has been included in the Inc. 5,000 Fastest Growing Companies and is certified as a Great Place to Work.
News
16/10/2024
Read Time: Min
Commify strengthens US expansion with the acquisition of Text Request
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.