OakNorth has provided debt finance to fund the US expansion of a provider of executive search and talent advisory services.
TritonExec will use the finance to develop its New York City operation, where it aims to hire 19 people over the next year.
The business – which was founded in 2011 – uses data mining and predictive analytics to uncover trends in compensation, diversity and talent shortages.
It has assisted in the recruitment of candidates from all over the world, with most of its placements being made in the UK and USA (60%), followed by the rest of Europe and the Nordics (35%) and Asia (5%).
It also helps to determine which candidates are most likely to be successful in a certain organisation.
The company – which already has offices in London and Atlanta, USA – has clients including Capgemini, Accenture, EY, Deloitte, Gryphon Investors and Genpact.
Jonathan Morris and Ben Graham, co-founders of TritonExec, 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.”
Mohith Sondhi, debt finance director at OakNorth, added: “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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Naismiths and Hodge Bank support restoration of WWII-damaged building
National property consultancy and surveyors Naismiths has been appointed by Hodge Bank to monitor the restoration of a Grade II-listed building in Bristol city centre.
Atom introduces first-time buyer range
Atom bank has launched new first-time buyer products and extended its existing range by adding 95% LTV mortgages across all its existing mortgage products.
Charity Bank names new chief executive
Charity Bank has announced that Edward Siegel (pictured above) will become its new chief executive.
Investec relaunches flexible E-asy access account
Investec Savings has announced the relaunch of its E-asy access account with a new rate.
Temenos launches AI-based capability to protect banks from fraud
Temenos has expanded its financial crime mitigation product to include an AI-based suspicious activity prevention solution protecting banks and their customers from fraud.
Welsh businesses secure £68m from development bank
The Development Bank of Wales has reported that it has increased investment in Welsh businesses by £11.5m.
Leek United Building Society launches exclusive BTL product
Leek United Building Society has introduced a two-year buy-to-let fixed rate product available exclusively to TMA Club for directly authorised advisers.
What can we learn from the tech C-suite?
There has always been a cultural tension between IT and businesses.
Banco BNI Europa partners with Lendrock
Banco BNI Europa has announced a partnership with Lendrock to invest in the Spanish auto financing sector.
Secure Trust Bank joins Connect panels
Secure Trust Bank has joined the panel of Connect for Intermediaries mortgage network and the latter’s packaging arm.