The Greater Manchester Loan Fund (GMLF) has made a £0.5 million investment in Prime Document, a specialist provider of document management outsourcing services, to support its continued expansion in the fast-growing global electronic document management (EDM) sector.
Bury-based Prime specialises in the production and multi-channel distribution of business critical documents such as invoices, pay slips, pension and tax statements, which are required to comply with stringent industry regulations or legislative requirements.
Clients include a wide range of large and mid-market companies, government bodies and NGOs, operating in sectors where security, accuracy, reliability and timeliness of document availability are paramount to delivering commercial advantages.
The investment will help Prime grow its current footprint in the outsourced EDM sector and further develop its digital document management platform, Ecco. This innovative presentment, storage and retrieval platform has been designed specifically to provide clients and client customers with immediate, on demand, access to their business critical financial documents.
The funding from the GMLF will also safeguard the existing 17 staff and assist the business to grow its headcount over the coming years.
Launched in August 2013 by the Greater Manchester Combined Authority (GMCA), the GMLF is celebrating its success in this, its third anniversary year, in having already invested over £10 million in 22 local businesses and it has the funding to invest up to a further £10 million, through loans of between £100,000 and £750,000 to eligible businesses.
“The UK market is on the verge of realising the benefits to be gained from using the various electronic multi-channels to move business critical information around in a less expensive and more efficient manner than traditional print and post. With the backing from the GMLF we see Prime Document as being perfectly placed to capitalise on the opportunity to deliver innovative, industry leading services to our existing and future customer base."
Martin Hurley, Managing Director at Prime Document
“We’re delighted to support this investment into Prime Document, which will allow the team to capitalise on the growth opportunities available from the increasing shift towards electronic multi-channel delivery of documents. This funding will enable the team to deliver highly innovative solutions to their customers.”
Andy Thomas, Investment Director at Maven