Last year we asked Lewis Bantin which hires he expected to see in 2024, with his predictions for top five roles as below:
- CRO
- Revenue Operations
- Chief of Staff
- CISO
- Data & Solutions Architects
We asked Lewis to mark his own homework as to whether that played out across the year and whether he is changing his predictions for 2025. Here are his insights for the coming year:
1. Revenue teams continue to grow
The increasing focus on CRO and Revenue Operations teams across our portfolio was confirmed from our prediction for 2024. For example, we saw Greville Coe join CSL as CRO, helping to further expand the company's secure connectivity services into new IoT verticals such as payments and telehealth. We also saw growth in the revenue teams at compliance platform ISMS, with Ross Down joining as VP Customer Success and Ian Bellamy as VP Growth.
Revenue Operations also took centre stage at our Growth Summit in September, where many portfolio companies shared how investing in this area has improved their ability to deliver growth, and improve forecasting, especially in today's lower growth environment. When you don’t have market tailwinds behind you, or a cheap cost of money, you need to work harder to create value, usually by targeting your ideal clients and by sharpening your competitive edge over rivals. Rev Ops has become essential in driving these improvements.
2. Chief of Staff role still not a common hire in the UK
While the Chief of Staff role has grown in prominence globally, it remains rare in the UK, with its adoption often only at large cap companies. Instead, we've seen increased investment in People teams and the appointment of Heads of Transformation to address many of the challenges this role might otherwise handle. It would also be true that in our portfolio, our Commercial Team plays some of this role!
Since Covid, People functions have taken on broader responsibilities, moving beyond traditional HR tasks to focus on engaging and motivating teams, which in turn drives growth. As well as these teams having a broadening remit, they are often now much more involved in recruitment with a notable trend this year of growth in in-house recruitment teams, whether fully in-house or outsourced but embedded. This approach reduces hiring costs and creates teams that better understand the business.
Heads of Transformation have also become crucial, particularly for businesses undergoing significant change. For example, as Insurance Insider is no longer part of the Delinian Group following ECI's carve out deal, it has needed leaders to establish new structures quickly. Similarly, other companies that are pursuing acquisitions are bringing in specialists to integrate these businesses at pace.
3. AI and the hiring hype cycle
AI's influence continues to grow, but its impact on hiring has shifted. Initially, businesses focussed on hiring "scientists” to build AI tools, but as the hype cycle wanes, the emphasis has moved to roles that maintain and optimise these systems, and the fuel for these systems: data.
This transition has created a gap. Many data scientists thrive on variety and intellectual challenge, while maintaining and tweaking existing systems often involves slower, iterative work. Going forward, we expect to see an increase in data engineers with AI experience, supported by teams using AI-powered tools. Whereas larger, bespoke AI projects will likely be outsourced to the real specialists.
Additionally, data governance and compliance are becoming increasingly important areas for businesses, bringing a sharper focus to roles that help companies navigate the legalities of data harvesting while optimising their AI systems. We expect we will see more legislation and litigation around privacy and the use of data (see Apple fined $95m for Siri “listening” in).
4. Heads of Engineering and more focus on cyber
Our prediction about the rise of CISO hires proved accurate, with cyber threats becoming a critical Board-level discussion in 2024. Within our portfolio, Ash Patel, our Cyber Growth Specialist, has helped businesses strengthen their frameworks, but many companies in the broader market remain vulnerable – with almost 70% of European companies still not providing their employees with any cyber training at all, according to Statista.
As cyber threats grow, CTOs are under increasing pressure, often stretching their responsibilities to the limit. To support them, we're seeing more companies invest in roles like Heads of Engineering, who can manage teams, ensure deadlines are met, and maintain productivity while allowing CTOs to focus on strategy.
5. Challenges hiring at the C level
Hiring at the C-level has been particularly challenging over the last 12 months. With growth harder to achieve in the current market, candidates are more cautious, prioritising cash today over jam tomorrow!
To attract top talent, companies need a compelling growth strategy and the ability to instil confidence in their prospects. Non-executive hires or specialists are becoming more common, providing expertise without increasing the full-time headcount. At ECI, our Growth Specialists provide access to skills in areas like Tech and People without companies requiring permanent hires.
As we expect more deal volume in 2025, we anticipate more movement at the C-level. New investors will seek to grow management teams and that will lead to senior executives such as COOs and CFOs to potentially find new leadership roles, including CEO positions. This shift could ease the current hiring challenges and bring new opportunities for businesses to attract top-tier talent.
Looking ahead to 2025
When we consider our hiring trends predictions, it’s clear that businesses need to remain agile, focussing on roles that drive value and resilience. Whether through Revenue Ops, Heads of Transformation, or VPs of Engineering, the key to success lies in adapting to the challenges of today’s market while preparing for tomorrow’s opportunities.
Insights
17/01/2025
Lewis Bantin
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Hiring trends for 2025
Leadership is most critically tested under pressure. When the stakes are high and uncertainty proliferates, the true essence of leadership emerges. Drawing from her extraordinary experiences as the first female to fly Special Forces missions, Sarah Furness delivered a powerful presentation on the art of leading under fire at our recent ECI Unlocked: Growth Summit.
From rescuing soldiers on the side of a mountain to commanding teams in life-and-death situations, Furness's stories offer invaluable insight for leaders in any field. Below are five key lessons from her journey that are essential for leaders navigating challenging times.
1. Stay open to learning and adaptation
One of the most important traits of a leader under pressure is a willingness to keep learning and evolving. When Sarah Furness joined the Royal Air Force 25 years ago, leadership was perceived as being about dominance and charisma. However, her experience over the years taught her that leadership is far more nuanced. Today, the best teams are those built on cognitive diversity and emotional intelligence, where everyone’s voice matters.
Furness stressed that no matter how experienced or skilled a leader is, there is always room for growth. This means being open to feedback, even during difficult moments. For leaders under fire, this adaptability can be the difference between success and failure. By reflecting on her own mistakes, Sarah reminds us that leadership is not about being perfect, but about constantly improving.
2. Encourage brave conversations
In high-pressure situations, Sarah learned that having the best people on your team means nothing if they don’t feel empowered to speak up. One of her most difficult leadership moments was when her team refused to voice concerns during a dangerous mission in Kenya. Despite repeated near-crashes, her crew did not challenge her decisions, even though they privately wanted to turn back.
This incident taught her the importance of asking “brave questions” that invite dissent. As leaders, we often ask questions that seek consensus, like “Are we okay to continue?” Instead, we need to create a culture where people feel comfortable challenging us. Sarah advises asking questions like, “What would you do differently if I wasn’t your boss?” This helps to surface concerns early and encourages the team to take personal responsibility.
3. Trust your team, and delegate beyond your comfort zone
One of the biggest challenges for leaders is learning to delegate effectively. Sarah emphasises the importance of giving people autonomy while pushing them just beyond their comfort zones. In the military, delegation wasn’t just about handing off tasks; it was about developing trust and growing the capabilities of her team.
To do this well, Sarah suggests replacing detailed instructions with key information, allowing people to find their own way to the solution. For instance, instead of telling her team exactly how to complete a task, she would give them the necessary data and trust them to make decisions based on their strengths. This not only builds trust but also leads to innovative solutions. When people are empowered, they often exceed expectations.
4. Create a safe space for failure and learning
Failure is inevitable, especially in high-stakes environments, but how leaders respond to failure determines the culture of their team. Sarah’s experience as a pilot taught her that mistakes are not just moments of failure—they are opportunities for growth. After narrowly avoiding a crash during a mission, she initially brushed off the severity of the situation. However, when confronted by her superior, she realised the importance of taking ownership of mistakes.
Furness advocates for fostering a culture where failure is seen as a stepping stone to success. This involves sharing mistakes openly and encouraging team members to learn from them. By normalising debriefs after missions, Sarah ensured that her team viewed setbacks as learning experiences. Leaders who allow their teams to reflect and learn from mistakes create an environment of continuous improvement.
5. Maintain emotional resilience in the face of adversity
Perhaps the most powerful lesson Sarah shared was the importance of emotional resilience. As a leader, being under pressure is inevitable, but how you respond to that pressure defines your effectiveness. Sarah recounted a rescue mission where she had to make the agonising decision to leave an injured soldier behind due to unsafe flying conditions. Though it was the hardest decision of her career, she realised that making the tough call saved the lives of her crew. (The patient made it through in the end.)
Emotional resilience doesn’t mean ignoring fear or discomfort—it means leaning into difficult emotions and making decisions with clarity. The fear of making mistakes can paralyse leaders, but the real strength comes from recognising and overcoming these fears. In high-stress situations, leaders must learn to manage their own emotions to guide their teams effectively.
Insights
16/01/2025
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5 lessons on leading under fire
We’re delighted to share the news that ECI-backed Moneypenny, a leader in outsourced customer communications, has appointed Jesper With-Fogstrup as its new Group Chief Executive Officer. This marks an exciting step in the company’s continued journey to drive growth, innovation, and market leading service across both the UK and US customer bases.
With-Frogstrup has extensive global experience across a variety of industries, including CEO roles in businesses such as Smoove plc and The LateRooms Group, as well as senior leadership positions at HSBC and Compare the Market. He brings a strong digital focus and customer centric experience to Moneypenny’s unique combination of technology leadership, innovative solutions and outstanding customer service.
With-Frogstrup commented on his new role: "I am privileged to be joining Moneypenny - a remarkable business with incredible people, loyal customers, and outstanding products. I am excited about the opportunities for growth—how we can serve our existing customers even better, reach new ones, and harness technology to supercharge our capabilities."
Mark Keeley, Partner at ECI, said "We’re really looking forward to working with Jesper on the next stage of Moneypenny’s exciting development. His vision and expertise will enable the company to expand further and continue to innovate. We’d also like to thank Joanna for leading Moneypenny through transformative growth during our partnership. She has played a key role in establishing Moneypenny’s strong, award-winning culture, which has been a cornerstone of its success.”
Joanna Knight OBE served as CEO for the past eight years and she comments: "It has been an honour to lead Moneypenny through a period of rapid growth and transatlantic expansion, building on our brilliant people-first ethos."
Moneypenny was founded in 2000 and the company received backing from ECI in 2018.
News
14/01/2025
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Moneypenny welcomes Jesper With-Fogstrup as Group CEO
Between the rise of AI and the ever-growing threat of cyberattacks, one thing is for certain – cybersecurity is going to be extremely important in 2025.
As we look ahead, we ask ECI’s Head of Cyber, Ash Patel, about the key trends to watch out for and what boards can do to protect themselves in the coming year.
1. Smarter phishing attacks
Phishing attacks have always been a concern, but with the rise of AI, they are becoming more targeted and harder to spot. AI tools can generate emails that sound just like those from a colleague or even a CEO, making them almost impossible to distinguish from legitimate messages.
This increased sophistication of phishing will drive companies to adopt password less authentication methods, such as passkeys, which use a pair of cryptographic keys for authentication to make logging in secure and simple.
The main advantage is that they can’t be stolen like passwords, and there’s nothing to remember, so you’ll never have to worry about forgetting them. Companies like Apple, Microsoft and Google are already leading the charge in making passkeys the norm for safer and easier logins.
2. Deepfakes: A growing threat
With quantum computing making significant progress last year, AI systems are now able to process large amounts of data much faster and analyse and generate content with greater detail and accuracy. This means that AI will be able to create even more realistic deepfakes, which, in the wrong hands, could spread misinformation or cause major reputational damage.
As these threats grow, we will see businesses and governments use new tools like blockchain and digital watermarking to verify the authenticity of content, helping to protect against deepfake-driven misinformation, fraud, and impersonation attacks. For instance, as highlighted by Meta’s recent efforts, AI is being used to strengthen security and verify content across platforms.
3. Nation-states cyberattacks are set to increase
Cyberattacks from nation-states are expected to rise over the next few years, as geopolitical tensions make cyber warfare an increasingly important strategy. Attacks could target vital infrastructure, including power grids, financial systems and healthcare which could disrupt everyday life.
The good news is that businesses and governments are already working together to strengthen defences, using tools like AI to predict and block attacks in real time. For example, Microsoft has partnered with governments to share threat intelligence. Similarly, the UK’s National Cyber Security Centre is using AI-driven initiatives like ‘Early Warning’ to help organisations identify vulnerabilities before they can be exploited. This collaborative approach will be crucial for protecting our critical systems.
4. AI: A powerful ally in cybersecurity
While AI presents challenges for cybersecurity, it is also a powerful tool for defenders. AI can help businesses detect and respond to cyber threats faster and more accurately. It can analyse network traffic to spot anomalies that indicate potential breaches or predict vulnerabilities in software before they can be exploited.
AI can also automate many tasks, such as analysing system logs to detect unusual activity or threads. This allows security teams to focus on more strategic work. In the future, AI-powered systems will be essential in ensuring quicker and more efficient responses to threats.
5. Supply chain cybersecurity will become a priority
Even if you put in place best-practice cybersecurity procedures, you are still vulnerable through your supply chain, and cybercriminals are therefore attacking large providers.
In 2024, we saw this firsthand when a ransomware attack hit Blue Yonder, a major software provider. It affected retailers like Starbucks, Morrisons and Sainsbury's in the UK, disrupting critical operations and forcing businesses to find manual solutions.
To address these risks, companies are turning to tools like real-time risk monitoring, zero-trust systems - which assume no one is automatically trusted - and blockchain to secure data sharing across their supply chains. Increasingly companies will look to conduct deeper third-party due diligence and certifications such as ISO 27001, as part of procurement to improve resilience across the supply chain
It is clear that cybersecurity will continue to evolve, and that challenges will only grow. But with the right tools, collaboration, and a bit of forward-thinking, businesses can stay one step ahead.
If you would like to find out more about how ECI is supporting its portfolio with cybersecurity, please get in touch.
Insights
14/01/2025
Ash Patel
Read Time: Min
Cybersecurity predictions for 2025
Following a record year for capital deployment, with over £500m deployed, ECI kicks off the new year with five promotions, maintaining its strong momentum into 2025.
Promotions across the Investment and Commercial Teams include:
Rory Nath is promoted to Partner in ECI’s Investment Team. Having joined ECI in 2015 as a Commercial Team Associate, Rory moved to the Investment Team in 2018 where he is now a Partner. He has worked on several successful investments in 2024 including TAG and Croud, and sits on the Board of both businesses. Rory has also been involved in previous exits at KB Associates, CPOMS and Investis Digital, averaging a 3.8x return.
Isabella Fox and Sarthak Sawlani are both promoted to Investment Director within the Investment Team. Isabella enjoyed a prolific start to her career at ECI since joining in 2023, having worked on several completed transactions including Commify, ISMS and IGG. She also played a key role on Commify’s significant acquisition of Text Request in October 2024. Sarthak has worked on two new investments in the last year – CMap and IGG. He also works with CSL and BCN, playing a key role in supporting BCN with M&A, with the business completing four acquisitions since investment.
Mia Smith is promoted to Investment Manager within the Commercial Team after having worked on three new investments (ISMS, TAG and Croud) since she joined ECI in 2022. She has also supported the portfolio on a range of value creation initiatives, including helping to develop Mobysoft's Social Value Strategy and supporting ISMS with channel diversification.
Louis Jans is promoted to Investment Manager within the Investment Team. Having joined ECI in 2023, Louis was part of the deal team on Insurance Insider, provider of digital news and intelligence to the insurance industry. He has also worked with Peoplesafe and Avantia since joining. As a multi-lingual Belgian national, speaking Dutch, English and French, Louis’ skills and experience are a tremendous benefit to assisting ECI’s management teams with their European expansion efforts.
News
09/01/2025
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ECI Partners kicks off 2025 with five promotions
ECI were delighted to have a highly successful 2024, deploying over £500m across five new platform investments. Investments included:
April 2024: TAG, an award-winning, high-touch global travel management company that specialises in arranging complex travel itineraries for the entertainment industry.
October 2024: Independent Governance Group, the UK’s leading provider of professional pensions trusteeship and governance services.
October 2024: Croud, the global full-service digital marketing company.
October 2024: CMap, a market-leading provider of professional services automation (PSA) software.
November 2024: Insurance Insider, a premier digital platform providing insight and analysis for the world’s top insurers, distributors, service providers and investors.
We supported our portfolio to achieve 17% revenue growth in the last 12 months, with the ECI Commercial Team supporting our management teams on key value add projects across everything from deploying AI to expanding into the US. In 2024 as part of our ECI Unlocked programme, we launched the first ECI Growth Summit and ECI Digital Summit, connecting leaders across our portfolio to discuss the growth drivers in their businesses.
40% of the acquisitions we supported our portfolio to deliver in 2024 were international, demonstrating the increasingly global scale of the management teams that we back. With 80% of our portfolio actively pursuing acquisitions, we look forward to further supporting teams with M&A in 2025.
In 2024, ECI realised its remaining shareholding in Auction Technology Group plc, generating a 4.4x return and 146% IRR from our reinvestment in 2020. This reflects a 10-year partnership across two funds since we first invested in ATG Media Group in 2014, reinvesting in 2020 from ECI 11 and then supporting the business through an IPO in 2021. Interactive Investor listed the flotation as the most successful IPO of 2021. It has been a pleasure working with the team over the last decade and we wish John-Paul and the wider team at ATG every future success.
We were delighted to welcome six new team members to ECI in 2024 as we continue to invest in our own business. Joining ECI this year was the newly appointed Head of People, Tamsin Webster, to help develop ECI’s team for future growth; Ludvig Hamilton, who joined the investment team, bringing experience of Nordic market; our Origination team welcomed both Christy Welsh and Sam Veevers, to help ECI and our investments identify potential investment opportunities; Chris Mockford joins our Investor Relations team bringing 10 years experience in fundraising and IR; and Olivia McGee who joins as Office Assistant, so along with Brenda will probably be the first person you see when you come to the ECI London office!
It was fantastic to achieve further award wins in 2024, being recognised as mid-cap PE House of the Year and also European Fund of the Year by the Real Deals Private Equity Awards.
News
07/01/2025
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ECI deploys £500m+ in 2024
2024 has seen ECI complete five platform investments, but in an environment of quieter dealflow for the private equity market at large. With over 60 countries having gone to the polls in the last 12 months, what does the global outlook look like now for CEOs, and what is front of mind for LPs, PE Funds and the ECI team?
Tom Wrenn on the 2025 deal market:
“There is an excellent backdrop for increased deal volume across our market in 2025. Currently the UK has a more stable environment compared to the rest of the world, or even to last year. The after effect of a definitive general election win by the incoming government is good for general investment macro stability. The government is cracking through its agenda, which regardless of whether you agree with it or not, is enabling the PE industry to plan ahead. Interest rates are starting to come down, albeit slowly, and this has been calming for businesses in terms of debt cost and leveraged buyouts. CGT changes increasing at a sensible rate demonstrates the government is consulting with business and industry to get it right, and thankfully hasn’t led to business owners halting sales.
We anticipate a continuing uptick in deal flow in 2025 as investors continue to call for more liquidity, but there may be a greater range of quality leading to more failed processes. Higher deal volume in 2025 will be very welcome for the PE market, but it’s important not to ignore the movement of global tectonic plates such as the war in Ukraine, the Middle East and the uncertainty around Trump’s agenda when he’s in power.”
What are you personally most excited about in 2025? Finally being through the horrors of UK 11+ exam process as my final child emerges from them!
Jeremy Lytle on the fundraising market:
“It’s been a challenging few years for fundraising as the same amount of capital being raised is concentrated in far fewer funds. One in three funds are now closing below target and the average time spent fundraising is double what it was in 2019. Behind all these challenges is a lack of exits – realisations have been muted since 2022 when interest rate hikes started, so LPs’ budgets haven’t been replenished with fresh capital for new funds.
Desire to deliver DPI therefore continues to be the primary objective for LPs, but they will also be looking for mature fund management and smart exits - GPs making sure they are not hanging on to average performing investments for too long, or selling their stars too early, and focusing on the deals that really have potential to drive the overall fund return. These factors, alongside a desire for more co-investment, will likely be three key decision makers for LPs looking to deploy capital in 2025.”
What are you personally most excited about in 2025? Liverpool doing the double of PL and Champions League by the end of May!
Rory Nath on the North West investment market:
“The wider background of UK stability provides a solid foundation for North West businesses and dealmakers to have a busy 2025. There continues to be challenges around operating in a lower growth environment, but we see North West businesses bucking the trend, delivering some of the best of UK tech in particular. A great example of this is CMap, a Manchester-headquartered market-leading provider of professional services automation (PSA) software, which ECI backed in October 2024. What we’re seeing from the North West headquartered businesses in our portfolio is that, while they benefit from the fantastic local business community, their ambitions are global and we’re seeing great international growth both organically and through acquisitions.
We continue to look for greater infrastructure investment across the region, and government announcements around intra-city transport links are welcomed, although we’ve been here before so I won’t buy a train ticket just yet!”
What are you personally most excited about in 2025? my 10 year anniversary at ECI, and my wife and I welcoming our second child!
Skyler Ver Bruggen on the acquisition market:
“We saw an uptick in M&A activity this year as founders looked to exit ahead of the first Labour budget at the end of October 2024. Advisors are still reporting a high number of sales mandates, although with some slow down in workforce heavy sectors that have been impacted by NI increases. Despite the promise of no more tax increases for businesses there is still uncertainty about how that might change in the future and that will accelerate some sales processes, alongside the usual drivers of enabling succession and retirement.
With a background of lower economic growth, companies and investors will look to acquisitions to drive value. Acquisitions which offer the opportunity for the buyer to extend capability, expand into new geographies and ultimately drive cross sell and up sell will continue to see lots of interest.”
What are you personally most excited about in 2025? Hopefully moving house and getting a bit more space!
Lewis Bantin on portfolio growth opportunities:
“I think 2025 will see more investment in the commercial ‘engines’ of companies, looking at how to marry strong outbound business development, rather than reliance on Google search. While PPC and SEO are great, you are increasingly reliant on a smaller and smaller piece of SEO real estate on a search page, and a hugely contested PPC landscape. Companies are going to become much more focussed on their ideal customer profile and we’ll be looking to support our portfolio in a targeted approach to activating those customers. If you get this right, you should benefit from an increase in customer lifetime value and long-term growth!”
What are you personally most excited about in 2025? I’m looking forward to seeing Captain Caelan leading the Lions down under and hopefully joining him down there!
Tsvetelina Delcheva on the European market:
“Looking at the European deal market, I expect to see more activity in 2025 as investors’ demand for liquidity remains strong. The drivers here are much the same as in the UK – strong dry powder reserves, combined with longer hold periods and ageing portfolios.
Demand for tech businesses will remain strong, which will mean we will likely see more deals in the likes of the Benelux and the Nordics where the tech sector is a cornerstone of the economy. Companies here are doubling down on AI adoption, and leading the way in sectors that enable automation, data analytics, and cybersecurity. Many of the resilient tech businesses across the Benelux and the Nordics are globally-minded, and for that reason we are increasingly seeing international investors being active in those regions, with subsector experience rather than geographical proximity being one of the most important factors for management teams when selecting an investment partner.”
What are you personally most excited about in 2025? Having recently moved closer to Wimbledon, I’m looking forward to experiencing the atmosphere of The Wimbledon Championship from a close distance for the first time.
Ash Patel on the cyber outlook:
“As AI tools grow more sophisticated, phishing attacks are expected to become more targeted and harder to detect. Deepfakes are increasing and improving in quality, with more companies being attacked, which will emphasise the need for robust detection, tools and policies. There will be a push for blockchain and watermarking as technology tries to keep up with attackers.
While AI will benefit bad actors, it will also hinder them. AI-driven cybersecurity systems will improve how organisations can detect and respond to threats. As the machine learning model improves, the speed and accuracy of detection will go up and fewer attacks will make it through. It also enables companies to spot unusual user or device behaviour that might indicate insider threats or compromised accounts.”
What are you personally most excited about in 2025? Celebrating 25 years of marriage and 25 years at ECI!
Insights
12/12/2024
Read Time: Min
ECI’s predictions for 2025
When ECI signed up to B Corp in 2023, it helped us to define our role and ambition within the wider ESG ecosystem. Not only to improve the impact of ECI as a business but also to work closely with our portfolio companies to help them on their ESG journey. As an investor, we have a role to help them deliver profitable growth, but beyond that we also want to help them to improve their impact on their stakeholders and the planet. B Corp helped us look at where to focus and to make a continued plan for the future - committed to improving our impact at ECI and the companies we work with. To do this, we’ve invested in our capability to support those businesses to grow and become more resilient, and we will continue to do so going forward.
In our inaugural Impact Report we wanted to look at the five areas where ECI is most focussed as an organisation and the areas where we most commonly help the management teams we work with. Those are: decarbonisation; DEI; employee engagement; cyber and charity. Find out more about the work we've already done across these areas, as well as our targets and objectives for the future: