Gresham House Ventures, a growth equity investor specialising in software and digitally driven businesses in the enterprise solutions, healthcare and consumer market sectors, and Calculus Capital, a growth investor in technology, healthcare and creative industries, have completed the sale of their stakes in Rotageek, a leading provider of AI-driven workforce management and scheduling software.
The exit for both investors comes via the acquisition of Rotageek by Australian-based ELMO Software, the parent company of UK HR tech leader Breathe. The deal reflects ELMO’s strategic commitment to expanding its UK footprint and complements its suite of HR software solutions with a cutting-edge workforce management platform.
Gresham House Ventures first invested in Rotageek via the Mobeus VCTs in 2018 and supported the business through multiple funding rounds totalling £5.75 million. Over the seven-year holding period, the VCTs have realised a 1.5x money multiple, generating £8.6 million in total proceeds.
Calculus first invested in Rotageek in 2020 as part of its Series B funding round, co-investing alongside Gresham House Ventures, and since participated in follow-on rounds totalling £3 million in investment from its VCT and EIS Funds. The exit achieves up to a 1.6x return for Calculus investors.
Through the holding period, Rotageek has delivered strong annual recurring revenue (ARR) growth and now serves a growing base of enterprise clients including Caffe Nero, Screwfix and Nando’s with its AI-driven scheduling tools. Gresham House Ventures and Calculus have played an active role in Rotageek’s growth, supporting the business through strategic restructuring, board-level input and improving labour efficiency.
The sale to ELMO follows a competitive M&A process led by advisors Silverpeak, attracting multiple bids from strategic and private equity-backed buyers.
Ed Wass, portfolio lead at Gresham House Ventures, comments:
“We have supported Rotageek with investment across several funding rounds and have also worked closely with the management team, taking a hands-on approach to help the business navigate key inflection points over the last seven years. This continued support has enabled Rotageek’s impressive growth, putting the business in a position to generate interest from acquirers. The acquisition by ELMO provides an excellent platform for Rotageek’s continued success under new ownership and delivers a strong outcome for our investors in the Mobeus VCTs, while providing further capital to enable us to make new investments in exciting UK growth businesses.”
Alexander Crawford, Co-head of Investments at Calculus comments:
“At Calculus, our mission is to back innovative businesses and create meaningful value for our shareholders. It’s been a real pleasure working with Chris and the Rotageek team over the past five years. The company has gone from strength to strength, with an impressive growth trajectory and exceptional levels of customer satisfaction and retention. I look forward to seeing the company’s continued growth and success following the acquisition by ELMO.“
Chris McCullough, CEO at Rotageek, comments:
“Joining the ELMO Group marks an exciting new chapter for Rotageek. From day one, our mission has been to help businesses schedule intelligently, using data, AI and design thinking to solve real-world workforce challenges. In ELMO, we’ve found a partner who shares that vision and brings the scale, ambition and platform to take it further.
“I’m grateful to Gresham House Ventures and Calculus for their steadfast support and expert counsel throughout our journey. Their belief in our potential and continued backing through multiple funding rounds played a pivotal role in helping us reach this milestone.
“Together with Breathe and ELMO UK, we’re building the most comprehensive HR technology ecosystem in the UK, one that spans every stage of growth, from frontline teams to head office. We’re energised by what this means for our customers, our team, and the future of workforce management.”