MWS is a company that is dedicated to transforming the efficiency and compliance of organisations that deliver apprenticeship training through its Software-as-a-Service (SaaS) platform Aptem.
The investment will support the growth of MWS, “significantly” increasing its workforce and helping to develop Aptem, the only end-to-end technology platform software that can deliver the functionality required for training providers.
Aptem provides advisors and operations managers with tools to manage and deliver contracts, reducing complexity and costs by incorporating different business processes such as funding systems, learning delivery systems and client relationship management software into one easy to use platform.
In May last year, the Government committed to increasing apprenticeship numbers through the Apprenticeship Levy, a payroll tax of 0.5% for all employers with a wage bill of in excess of £3m.
Forecasts suggest that funding for apprenticeships will increase from £1.5bn a year in 2017 to £3bn in 2018, and employers are incentivised to spend the levy as it attracts a Government subsidy of 10% that is lost if not spent within 24 months.
Triple Point says there is “an excellent opportunity for apprenticeship providers to utilise advancements in technology to help adhere to the Government’s compliance and changing delivery requirements as well as GDPR which has focused attention on data location and security.”
MWS helps providers manage programmes directed at youngsters with vocational training needs, who may not have had prior educational or parental support.
By supporting opportunities of advancement to young people, the funding into MWS fits in with the Triple Point’s Impact EIS investment philosophy of targeting “commercially successful companies that qualify for EIS tax relief and make a positive impact on society, but do not compromise and in fact seek to maximise the financial returns generated for investors.”
London-based MWS is led by entrepreneur Richard Alberg, who previously established, grew, and successfully exited PSL, a niche technology SaaS company that was sold to Kenexa, a NASDAQ HR solutions provider, later acquired by IBM.
Belinda Thomas, partner at Triple Point, said: “We are delighted to invest in MWS Technology.
“The highly skilled management team, led by Richard Alberg, has proven experience delivering shareholder value by growing similar businesses and we recognise a clear strategy that render the company a compelling growth prospect.
“The apprenticeship training sector looks set for significant expansion and MWS technology has identified a gap that will enable providers to upskill young people helping them to realise their ambitions and career potential.
“We look forward to working with him and the team over the coming months and years.”
Richard Alberg, CEO, MWS Technology, said: “Aptem is unique in that it contains all apprenticeship delivery functionality within one user-friendly platform, allowing apprenticeship providers across the UK to support the next generation of talent.
“We’re very excited to bring the experience and expertise of Triple Point on board to help us maximise our growth potential and expand our footprint.”