Innovation, Execution, Impact: A look back at 2025
As 2025 draws to a close, we’ve taken the opportunity to reflect on a year of meaningful progress across the SEP portfolio. Our companies continue to demonstrate why focused, enterprise-technology scale-ups are uniquely positioned to create lasting impact – whether through product innovation, deepening leadership capability, entering new markets, or delivering excellent outcomes for customers and shareholders.
The highlights below capture a selection of milestones and achievements that stood out this year, and each reflects the same set of characteristics we look for as investors: mission-critical technology, disciplined execution, and strong, collaborative teams.
AutoRek took a significant step forward in financial operations software with the launch of ARIA, its intelligent AI agent. ARIA enhances the speed, accuracy, and governance of reconciliation and controls processes, accelerating match cycles, strengthening exception handling, and reducing configuration complexity. By embedding adaptive intelligence directly into reconciliation workflows, it materially reduces manual effort while improving transparency and oversight — marking exciting progress in AutoRek’s ambition to become the go-to independent controller and orchestrator of automated financial operations. This momentum was reinforced by notable industry recognition, including awards from Waters Technology and FTF News, as well as Microsoft’s Financial Services AI Partner Designation.
One highlight of the year was the launch of Klario – Basis Technologies’ AI-native product, developed to help enterprise customers design the right changes for their business context within complex SAP environments. This key product launch reflected close collaboration across the board and management team: from SEP’s encouragement to innovate and “look around corners,” to the deep SAP expertise of fellow board members like Thomas Otter and Nils Herzberg, and the technical leadership of COO Trevor Ticehurst. It’s a clear example of how the right mix of ambition, experience, and partnership can accelerate meaningful innovation.
2025 has seen the continued evolution of Enate’s orchestration and AI suite. At a time when many organisations are struggling to convert AI experimentation into real returns, Enate is helping B2B service providers operationalise AI within the complexity of enterprise delivery. Integration of Azure OpenAI within Enate's Microsoft Azure deployment environment has further strengthened the platform, giving customers the confidence to introduce AI with enterprise-grade security, scalability, and governance. This progress aligns closely with SEP’s conviction that vertical, applied AI platforms are best positioned to deliver measurable operational outcomes for complex organisations.
Cresset strengthened its leadership in AI-driven drug discovery through both product innovation and strategic acquisition. The company launched MoIGenAI – advancing its expertise in generative chemistry with AI. In parallel, it expanded the speed of its physics-based simulation expertise through the application of machine learning, enabling it to rapidly identify promising drug candidates and further digitise molecular discovery workflows.
Cresset also acquired molab.ai, expanding its platform with novel algorithms to better predict key molecular properties such as absorption and distribution, improving how potential drug candidates are evaluated beyond initial design. Together, these milestones reflect how Cresset is broadening its capabilities and accelerating the development of a more powerful AI-enabled platform for modern drug discovery.
Cora made strong progress in 2025 in its partnership-led growth strategy, most notably with SAP. A global leader in Strategic Project Management (SPM) and Project & Portfolio Management (PPM) software, the company secured several joint customer wins and deepened its integration within the SAP ecosystem, culminating in the launch of Cora PPM on the SAP Store. This gives SAP S/4HANA customers access to a full enterprise-grade PPM solution that tightly connects financial data, resource planning, and project execution in a single, configurable environment.
To support this momentum, Cora strengthened its leadership team with the appointment of Eugene de Klerk as VP of SAP Partnerships, adding dedicated technical and commercial focus to a rapidly expanding channel. The impact is already visible: partner-led opportunities now account for more than 25% of the sales pipeline, with meaningful traction across aerospace, defence, and industrial manufacturing.
This was an exciting year for Restrata as the company significantly strengthened its senior leadership and technical organisation to support its next phase of scale. With SEP’s partnership, Restrata appointed a new CRO, Gill Devine, and COO & CFO, Ryan Styles, adding deep commercial and operational expertise to the executive team. The company also welcomed Colin Brown as Senior Advisor for Resilience, reinforcing its credibility in high-stakes safety and security environments.
Across the technical organisation, Restrata expanded its senior bench and built the capabilities required to deliver more advanced, AI-enabled resilience solutions for global enterprise and government clients. Together, these additions create a stronger, more scalable leadership and engineering foundation.
A major milestone this year was the expansion of Springtime’s board and senior leadership team, adding experienced software operators across technology, sales, marketing, finance, and HR to support the company’s global scaling ambitions. These hires build on the strong foundations in place at the time of SEP's investment, and are already shaping the next phase of commercial and product growth.
On the product side, Springtime continues to advance its AI-enabled automation engine and is introducing agentic user assistance to streamline key steps in the accounts payable workflow. Combined with the strengthened go-to-market organisation, these developments position Springtime to meet rising demand for intelligent AP automation.
Braincube strengthened its senior leadership team, reflecting SEP’s commitment to supporting our portfolio in attracting highly experienced operators. As part of Braincube’s expansion in the U.S., Teresa Dixon joins as Global CRO, bringing strong leadership and deep industrial-automation expertise from her time at OSIsoft and Seeq. Braincube also welcomed Isabelle Boccon-Gibod as Chair, whose extensive experience across International Paper, Arjowiggins, Legrand, Arkema, and Constellium adds significant strategic depth to the board. We’re delighted to welcome Teresa and Isabelle to the Braincube team.
FundApps has become one of the leading providers of regulatory compliance software for financial institutions, trusted by asset managers, sovereign wealth funds, hedge funds, pension funds, and global banks. Its leading platform supports shareholder disclosure and position monitoring, now used by more than 160 clients across three continents and monitoring over $29 trillion in AUM.
During SEP’s investment, FundApps delivered significant strategic progress — doubling both headcount and customers, expanding its international footprint, and strengthening its reputation as one of the first UK tech companies to achieve B Corp certification. FundApps evolved to be the clear leader in its category and generated substantial acquisition interest, resulting in a great outcome for shareholders and management. We’re proud to have supported the team and are delighted for them as they move into this new chapter.
2025 also saw the realisation of Zuto, the Manchester-based car finance fintech. Under the leadership of CEO Jim Wilkinson and a highly capable management team, Zuto's technology platform has enabled more than 450,000 customers to secure the right car with the right finance option, delivering a trusted, transparent experience at scale. Alongside this customer impact, the business delivered strong growth and impressive EBITDA margins. It has been a privilege to work alongside Jim and the wider team throughout this journey. Their commitment, adaptability, and discipline have been central to the excellent outcome for all stakeholders.
Peppermint Technology has played a significant role in modernising how law firms operate, offering a cloud-based enterprise software suite designed specifically for the legal sector. Focused on mid-to-large firms, the company grew its presence in the UK and U.S., supported by deep integration with Microsoft technologies and its unique position as Microsoft’s only legal-focused ISV partner globally.
Throughout SEP’s investment, we worked closely with CEO Gary Young and the leadership team to strengthen the business: embedding ESG practices, building international delivery partnerships, and supporting expansion into North America. This differentiated market position and strong execution led to a strategic sale to a leading global provider of legal technology solutions. It has been a pleasure to work alongside Gary and the team, and we’re delighted to see Peppermint transition into the next stage with a strong strategic partner.
Siemens’ $5.1bn acquisition of Dotmatics in July 2025 marked the end of our journey with the company and the start of an exciting new phase, unlocking opportunities to combine its scientific software with Siemens’ manufacturing expertise, industrial simulation, and AI capabilities. Our partnership with Dotmatics began with our investment in 2017, when we saw great potential in the company’s differentiated product and the founders’ vision to harmonise scientific data. The Luma platform today is the result of the relentless pursuit of that vision, in close collaboration with key strategic enterprise customers and partners. We’re grateful to have partnered with Dotmatics across their impressive growth trajectory and sucess.
Together, these stories reflect the strength, creativity, and resilience across our portfolio – and the power of long-term partnership in building category-leading enterprise technology companies. We look forward to working closely with all our teams in 2026 as they continue to scale, innovate, and capture the growing wave of opportunity ahead.
Innovation, Execution, Impact: A look back at 2025
As 2025 draws to a close, we’ve taken the opportunity to reflect on a year of meaningful progress across the SEP portfolio. Our companies continue to demonstrate why focused, enterprise-technology scale-ups are uniquely positioned to create lasting impact – whether through product innovation, deepening leadership capability, entering new markets, or delivering excellent outcomes for customers and shareholders.
The highlights below capture a selection of milestones and achievements that stood out this year, and each reflects the same set of characteristics we look for as investors: mission-critical technology, disciplined execution, and strong, collaborative teams.
AutoRek took a significant step forward in financial operations software with the launch of ARIA, its intelligent AI agent. ARIA enhances the speed, accuracy, and governance of reconciliation and controls processes, accelerating match cycles, strengthening exception handling, and reducing configuration complexity. By embedding adaptive intelligence directly into reconciliation workflows, it materially reduces manual effort while improving transparency and oversight — marking exciting progress in AutoRek’s ambition to become the go-to independent controller and orchestrator of automated financial operations. This momentum was reinforced by notable industry recognition, including awards from Waters Technology and FTF News, as well as Microsoft’s Financial Services AI Partner Designation.
One highlight of the year was the launch of Klario – Basis Technologies’ AI-native product, developed to help enterprise customers design the right changes for their business context within complex SAP environments. This key product launch reflected close collaboration across the board and management team: from SEP’s encouragement to innovate and “look around corners,” to the deep SAP expertise of fellow board members like Thomas Otter and Nils Herzberg, and the technical leadership of COO Trevor Ticehurst. It’s a clear example of how the right mix of ambition, experience, and partnership can accelerate meaningful innovation.
2025 has seen the continued evolution of Enate’s orchestration and AI suite. At a time when many organisations are struggling to convert AI experimentation into real returns, Enate is helping B2B service providers operationalise AI within the complexity of enterprise delivery. Integration of Azure OpenAI within Enate's Microsoft Azure deployment environment has further strengthened the platform, giving customers the confidence to introduce AI with enterprise-grade security, scalability, and governance. This progress aligns closely with SEP’s conviction that vertical, applied AI platforms are best positioned to deliver measurable operational outcomes for complex organisations.
Cresset strengthened its leadership in AI-driven drug discovery through both product innovation and strategic acquisition. The company launched MoIGenAI – advancing its expertise in generative chemistry with AI. In parallel, it expanded the speed of its physics-based simulation expertise through the application of machine learning, enabling it to rapidly identify promising drug candidates and further digitise molecular discovery workflows.
Cresset also acquired molab.ai, expanding its platform with novel algorithms to better predict key molecular properties such as absorption and distribution, improving how potential drug candidates are evaluated beyond initial design. Together, these milestones reflect how Cresset is broadening its capabilities and accelerating the development of a more powerful AI-enabled platform for modern drug discovery.
Cora made strong progress in 2025 in its partnership-led growth strategy, most notably with SAP. A global leader in Strategic Project Management (SPM) and Project & Portfolio Management (PPM) software, the company secured several joint customer wins and deepened its integration within the SAP ecosystem, culminating in the launch of Cora PPM on the SAP Store. This gives SAP S/4HANA customers access to a full enterprise-grade PPM solution that tightly connects financial data, resource planning, and project execution in a single, configurable environment.
To support this momentum, Cora strengthened its leadership team with the appointment of Eugene de Klerk as VP of SAP Partnerships, adding dedicated technical and commercial focus to a rapidly expanding channel. The impact is already visible: partner-led opportunities now account for more than 25% of the sales pipeline, with meaningful traction across aerospace, defence, and industrial manufacturing.
This was an exciting year for Restrata as the company significantly strengthened its senior leadership and technical organisation to support its next phase of scale. With SEP’s partnership, Restrata appointed a new CRO, Gill Devine, and COO & CFO, Ryan Styles, adding deep commercial and operational expertise to the executive team. The company also welcomed Colin Brown as Senior Advisor for Resilience, reinforcing its credibility in high-stakes safety and security environments.
Across the technical organisation, Restrata expanded its senior bench and built the capabilities required to deliver more advanced, AI-enabled resilience solutions for global enterprise and government clients. Together, these additions create a stronger, more scalable leadership and engineering foundation.
A major milestone this year was the expansion of Springtime’s board and senior leadership team, adding experienced software operators across technology, sales, marketing, finance, and HR to support the company’s global scaling ambitions. These hires build on the strong foundations in place at the time of SEP's investment, and are already shaping the next phase of commercial and product growth.
On the product side, Springtime continues to advance its AI-enabled automation engine and is introducing agentic user assistance to streamline key steps in the accounts payable workflow. Combined with the strengthened go-to-market organisation, these developments position Springtime to meet rising demand for intelligent AP automation.
Braincube strengthened its senior leadership team, reflecting SEP’s commitment to supporting our portfolio in attracting highly experienced operators. As part of Braincube’s expansion in the U.S., Teresa Dixon joins as Global CRO, bringing strong leadership and deep industrial-automation expertise from her time at OSIsoft and Seeq. Braincube also welcomed Isabelle Boccon-Gibod as Chair, whose extensive experience across International Paper, Arjowiggins, Legrand, Arkema, and Constellium adds significant strategic depth to the board. We’re delighted to welcome Teresa and Isabelle to the Braincube team.
FundApps has become one of the leading providers of regulatory compliance software for financial institutions, trusted by asset managers, sovereign wealth funds, hedge funds, pension funds, and global banks. Its leading platform supports shareholder disclosure and position monitoring, now used by more than 160 clients across three continents and monitoring over $29 trillion in AUM.
During SEP’s investment, FundApps delivered significant strategic progress — doubling both headcount and customers, expanding its international footprint, and strengthening its reputation as one of the first UK tech companies to achieve B Corp certification. FundApps evolved to be the clear leader in its category and generated substantial acquisition interest, resulting in a great outcome for shareholders and management. We’re proud to have supported the team and are delighted for them as they move into this new chapter.
2025 also saw the realisation of Zuto, the Manchester-based car finance fintech. Under the leadership of CEO Jim Wilkinson and a highly capable management team, Zuto's technology platform has enabled more than 450,000 customers to secure the right car with the right finance option, delivering a trusted, transparent experience at scale. Alongside this customer impact, the business delivered strong growth and impressive EBITDA margins. It has been a privilege to work alongside Jim and the wider team throughout this journey. Their commitment, adaptability, and discipline have been central to the excellent outcome for all stakeholders.
Peppermint Technology has played a significant role in modernising how law firms operate, offering a cloud-based enterprise software suite designed specifically for the legal sector. Focused on mid-to-large firms, the company grew its presence in the UK and U.S., supported by deep integration with Microsoft technologies and its unique position as Microsoft’s only legal-focused ISV partner globally.
Throughout SEP’s investment, we worked closely with CEO Gary Young and the leadership team to strengthen the business: embedding ESG practices, building international delivery partnerships, and supporting expansion into North America. This differentiated market position and strong execution led to a strategic sale to a leading global provider of legal technology solutions. It has been a pleasure to work alongside Gary and the team, and we’re delighted to see Peppermint transition into the next stage with a strong strategic partner.
Siemens’ $5.1bn acquisition of Dotmatics in July 2025 marked the end of our journey with the company and the start of an exciting new phase, unlocking opportunities to combine its scientific software with Siemens’ manufacturing expertise, industrial simulation, and AI capabilities. Our partnership with Dotmatics began with our investment in 2017, when we saw great potential in the company’s differentiated product and the founders’ vision to harmonise scientific data. The Luma platform today is the result of the relentless pursuit of that vision, in close collaboration with key strategic enterprise customers and partners. We’re grateful to have partnered with Dotmatics across their impressive growth trajectory and sucess.
