Enterprise Workflow Technology becomes available to Small Law Firms thanks to Investment from South West Ventures Fund
23rd September 2005
An investment that will assist with the development of a specialist, IT-led conveyancing product has just been signed by Swindon-based OchreSoft Technologies and the £25 million South West Ventures Fund.
OchreSoft Technologies has secured £250,000 from the fund, which was set up to make venture capital available to small and medium-sized enterprises (SMEs) with high-growth potential in the South West region.
This latest round of funding, which includes significant personal investments from OchreSoft Technologies' directors, plus funding from external private investors, will be used to take the business through its next phase of development.
Established two years ago as an off-shoot of BPE Solicitors, one of the UK's leading conveyancing law firms, OchreSoft Technologies' first product (ICON) was released in 2004. ICON is a fully developed conveyancing workflow application that improves both the efficiency and risk exposure of law firms.
The product is available for use as an on-site system, using OchreSoft Technologies' specially developed operating platform, ICON, or alternatively it can be accessed via existing IT systems.
A strong focus on sales and marketing targeting smaller legal firms that don't currently use this type of product will be a key priority. The workflow product, which is launched in October, will be known as Intelliworks.
OchreSoft Technologies will also use the funding to help it extend the range of applications available on Intelliworks. These will include applications for wills and probate, re-mortgage and personal injury.
Clive McCafferty, CEO at OchreSoft Technologies commented: "Our faith in our product has been endorsed by South West Ventures Fund. This additional funding will help us to grow our customer base in the legal market sector. We will shortly be releasing Intelliworks which is designed from the ground up to be a standards based enterprise grade workflow product. This, coupled with our strategy of developing complete applications suites for the market, makes OchreSoft Technologies' offering unique."
McCafferty continues: "The Intelliworks workflow together with the OchreWeb portal offers lawyers the ability to pay as little as £22 per case for conveyancing technology that has previously only been available to much larger firms. Furthermore, our commitment to standards means that we will have no problem in connecting into the Land Registry when econveyancing becomes a reality."
Simon Griffiths, Investment Manager with South West Ventures Fund, said: "We are excited by this latest investment with OchreSoft Technologies. It represents a great opportunity to support an experienced team that has plugged a gap in a specialist market with a product that offers the end user substantial benefits."