The Citation Group welcomes HarbourVest Partners as new investor
LONDON: The Citation Group, a global provider of tech-enabled compliance and certification solutions for small to medium-sized enterprises (SMEs), announced today that HarbourVest Partners, a global private markets investment manager, has joined as a new investor.
This investment will see HarbourVest collaborate with Citation’s management team and current majority investors, KKR and Hg, to support Citation’s international growth through AI product development and strategic acquisitions.
Citation aids over 110,000 SMEs in the UK, Canada, and Australia, providing critical support in HR, Health and Safety, and Quality Certifications.
“We’re thrilled to welcome HarbourVest as our new strategic partner,” said Chris Morris, CEO of Citation. “Their expertise, alongside ongoing support from Hg and KKR, will be crucial as we aim to simplify compliance for SMEs globally. Our mission remains to provide business owners with peace of mind, allowing them to focus on growth while we protect their people, businesses, and reputations.”
This partnership follows a period of rapid growth for Citation, marked by the expansion into Canada and Australia, which now account for approximately 20% of its revenue. The Group continues to excel by leveraging both software and services to meet its customers’ compliance needs.
Gonçalo Faria Ferreira, Managing Director at HarbourVest, expressed excitement about the new partnership. “We have followed Citation’s progress for several years and are impressed with what Chris and his team have accomplished. We see significant potential for the business as it continues to simplify compliance for SMEs.”
Partners at Hg, Joris Van Gool and Nick Jordan, emphasized the significance of this new phase for Citation. “The addition of HarbourVest marks an exciting new chapter for Citation, as we further unlock the potential within the SME compliance space.”
Hans Arstad and Rami Bibi, Managing Directors in KKR’s European Private Equity and Global Impact teams, welcomed HarbourVest’s involvement, stating, “We are excited to see Citation continue its strong growth under Chris and the team. Together, we will expand Citation’s reach and enhance its offerings through strategic acquisitions and innovation.”
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