Semafone Limited

Private equity fundraising led by Business Growth Fund with further investment from Octopus Investments

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Published: 29 Sept 2014 Updated: 13 Apr 2022

Smith & Williamson advises payment security provider Semafone on securing £5 million of growth capital.

Smith & Williamson acted as lead corporate finance adviser to Semafone Limited (“Semafone”), a leading provider of secure payment software used by organisations taking payments over the phone, on a £5m growth capital fundraising. Business Growth Fund (“BGF”) invested £4m with a further £1m from Octopus Investments and other existing shareholders. Semafone’s payment method is patented in the UK and US and allows call centre operators and other businesses taking payments by phone to prevent fraud, improve customer service and to reduce Payment Card Industry Data Security Standard (PCI DSS) compliance costs by up to 80 per cent.

Smith & Williamson introduced BGF as new equity investor, and worked alongside the Company and existing institutional investor, Octopus, to complete this investment.
The transaction enables Semafone, led by CEO Tim Critchley, to support delivery of recent large contract wins and expansion in overseas markets particularly through growing its presence in the North American market.

The Company has a global collaboration with BT on the BT Secure Contact solution and is looking to accelerate development and take advantage of the substantial opportunities that exist for the Semafone payment platform globally.

Simon Beavis and Tim Moore led Smith & Williamson’s corporate finance team on this transaction, which utilised the firm’s expertise in the technology sector and in structuring private equity investments.

Tim Critchley, CEO of Semafone – “Smith & Williamson was selected as our Corporate Finance adviser not just because of their technology sector experience but also for their enthusiasm and understanding of the Semafone proposition. They played a crucial role in structuring the deal and their practical approach throughout ensured that we achieved a successful transaction, bringing in a new investor whose involvement will enable the Company to fulfil our ambitious growth plans.”

By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.

Note to editors
Smith & Williamson is an independently owned professional and financial services group with over 1,700 people. The group is a leading provider of investment management, financial advisory and accountancy services to private clients, professional practices and mid-to-large corporates. The group has eleven offices; these are in London, Belfast, Birmingham, Bristol, Dublin (City and Sandyford), Glasgow, Guildford, Jersey, Salisbury and Southampton.

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This article was previously published on Smith & Williamson prior to the launch of Evelyn Partners.