OakNorth provides TritonExec with growth capital to fund US expansion
OakNorth – the bank for entrepreneurs, by entrepreneurs – has completed a loan to TritonExec, an elite provider of executive search and talent advisory services focused on technology, private equity and professional services.
Founded in 2011, TritonExec has managed to carve itself a niche in this competitive sector by investing heavily in technology and data analytics. The business uses data mining and predictive analytics to uncover subtle trends in compensation, diversity and talent shortages, as well as helping to determine which candidates are most likely to be successful in a certain organisation. It’s an investment that’s clearly paid off as despite its young age, the business has been able to attract multi-million-pound contracts, and build an impressive client list which includes: Capgemini, Accenture, EY, Deloitte and Gryphon Investors, and their very first client, Genpact.
With offices in London and Atlanta, USA, Triton has assisted in the recruitment of candidates all over the globe with most placements (60 percent) being made in the UK & USA, followed by the rest of Europe and the Nordics (35 percent), and Asia (five percent). It will use the finance from OakNorth to develop its New York City operation with an aim to hire 19 people there over the next year.
Co-founders, Jonathan Morris and Ben Graham, said:
“Since our founding, we’ve been focused on a very simple strategy: employ multi-year agreements with flat retained fees to avoid the peaks and troughs that so many within our industry experience. Our big break came in the form of a $500,000 contract from Genpact to recruit 35 executives, and it’s all been uphill from there. With this finance from OakNorth, we’ll be able solidify our position and take on even bigger contracts. Mohith and the team at OakNorth showed the dedication you’d expect from co-founders, not bankers – they took the time to understand our business and were willing to work to our timeframe to get the deal done.”
Mohith Sondhi, Debt Finance Director at OakNorth, said:
“Jonathan and Ben each have over a decade’s experience in the executive search industry, and have known each other since they were five years old, so have a fantastic dynamic both as friends and founders. By embracing technology, they’ve managed to distinguish themselves in a highly competitive industry, winning major contracts that would ordinarily be the preserve of the ‘big five’ executive search firms. We’re delighted to be funding their expansion and look forward to continuing to work with them in the future.”