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.”
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