TIC Systems excited to announce VMS Fund investment to focus on TIC sector

Background

TIC Systems is an enterprise Saas business focused on the needs of Testing, Inspection and Certification companies such as SGS, Intertek, AmSpec, Corelab and Bureau Veritas. The company was founded by Richard Halldearn, the former CEO of Vela’s Navarik business with a significant investment from the VMS Ventures Fund.

The company will be rapidly expanding its inspection management software (IMS) leveraging the know how of Constellation Software. Richard Halldearn (CEO) said “I am really excited to be starting a new business at such an exciting time in our industry. The opportunity to apply Generative AI to our IMS system and automate many tasks for our users is really exciting, I cannot wait to get started!”.

TIC Systems IMS

Their IMS product is an Enterprise Resource Planning (ERP) system for Testing, Inspection and Certification (TIC) companies. The product manages job orders for clients through their entire lifecycle, which includes storing the certification documents (sent by inspection companies to their clients) for many years to come. The system covers a lot of business processes for a TIC company:

  • Job Order Management
  • Client Communication and Audit Log
  • Document Management
  • Laboratory / LIMS
  • COA workflow
  • Sample Labelling
  • Sample Retain Management
  • Invoicing
  • Invoice Tax Calculation
  • Invoice Tax Number Checks
  • Multiple Currency Invoicing
  • Accounting Systems Integration
  • Global real time reporting
  • Data feed, data lake and dashboards

Generative AI

With all the structured data within the system, using AI to optimise business processes is a logical step forwards. The company is now seeking new clients to partner with in order to help it tailor the product for the wider market.

VMS Ventures Fund

VMS and Carina provided Richard with both funding and the IP necessary for Richard to implement his vision. He is already building out a team and looking for opportunities to grow his business. The new company is based in London, UK.

VMS Ventures is a new $200 million initiative run by Constellation Software Inc (CSI). The fund will invest in early-stage vertical market software initiatives that are sponsored by an existing business unit (BU) within CSI. These initiatives will be set-up as separate companies and the founders, the fund and the sponsoring BU will all receive an equity stake. The fund is aiming to invest in 20-40 companies over the next 3-4 years.

Carina

Carina is a division of Constellation Software that focuses on the energy and resources sector.

Constellation Software (CSI)

Constellation Software (CSI) is a leading provider of specialist software. CSI acquire, manage and build industry specific software businesses which provide specialized, mission-critical software solutions. Our businesses continuously develop innovative solutions that enable our customers to achieve their objectives. CSI has over 125,000 customers in over 100 countries and a proven track record of solid growth across a broad portfolio of software businesses.

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