Qlearsite Completes a $7.7m Growth Investment from Summa Equity

LONDON, May 25, 2017 /PRNewswire/ --

Investment to further develop Qlearsite's People Analytics, machine learning technologies and fund growth plans for a significant future expansion.  

Qlearsite, a British HR technology company that builds People Analytics software used for advanced statistical analyses of employee data, today announced that it has raised $7.7m with Summa Digital, the big data platform recently established by Summa Equity.

Funds from the investment will be dedicated to extending the machine learning capabilities of Qlearsite's technologies as well as accelerating recruitment of key appointments to their London team. Plans include a move to a new, larger office to accommodate Qlearsite's expected growth.

Qlearsite is the pioneer of 'Organisational Science'; a proprietary approach to People Analytics and a set of machine learning technologies that are used by some of the world's best known employers to improve their organisations and working practices.

"We believe that People Analytics will be the single biggest enabler of competitive advantage for any modern business. Successful companies will scientifically optimise their organisations so that the people that work within them are happier, more productive and deliver better customer service. Qlearsite has spent the last few years building the foundational technology to enable this vision," said, Alex Borekull, Co-Founder of Qlearsite.

Alongside the investment, Qlearsite will be working with Summa Digital to build meaningful links with other big data analytics portfolio companies and other experts. Christian Melby of Summa Equity has joined the Qlearsite Board alongside Ivar Kroghrud, a successful serial entrepreneur and investor.

Christian Melby, Partner at Summa Equity, said, "Hiring the right people and making them thrive is a key value driver and crucial for the performance of any business. Companies worldwide are becoming increasingly aware of this strong connection between commercial success and proper management of employees, and thereby the value potential in being able to perform proper analysis on HR data. Qlearsite is at the forefront of this movement."

QLEARSITE AND ORGANISATIONAL SCIENCE

Qlearsite's technology is capable of analysing 'any and all' employee data, including the unique ability to incorporate unstructured, text based data into powerful automated statistical models capable of predicting future employee behaviours.

Qlearsite software have in-built knowledge of employee data and incorporate the latest advances in machine learning research. As a result, Qlearsite provides far deeper and more sophisticated People Analytics insights, with a significantly faster time to setup, than was previously possible.

Partnering with some of the world's best known employers to apply the Organisational Science approach and set of technologies, Qlearsite has helped its customers to improve working conditions, lower employment costs and increase productivity.

QLEARSITE TECHNOLOGY APPLIED TO SURVEYING

Because of Qlearsite's ability to read and understand language found in very large unstructured datasets, a new employee surveying offering will soon be launched.

Capable of benchmarking culture, motivation and other intangible assets, the surveying offering will enable employers to measure and optimise the 'soft skills' within their businesses.

Qlearsite already provides surveying to selected large scale employers and is preparing for a wider market launch to employers of over 500 people beginning in June 2017.

FOUNDERS OF QLEARSITE, SAID:

Peter Clark, Co-Founder of Qlearsite, said, "People Analytics is an extremely fast growing HR discipline and if anything, that growth is set to accelerate. As the pioneers of Organisational Science, we are helping to define and push People Analytics to the furthest limits of what is computationally possible.

By placing the knowledge and techniques of Organisational Science within a set of intelligent technologies, we are making this extremely powerful analytical approach available to all employers who recognise the value of their people."

Alex Borekull, Co-Founder of Qlearsite, said, "This investment reflects the importance of People Analytics and its huge potential to transform businesses and organisations. At Qlearsite we are working to make this essential discipline ubiquitous in all modern companies.

Summa Equity and their new Summa Digital big data platform share our vision and can help us significantly accelerate our development. This investment allows us to grow and fulfil our ambitions."

CHRISTIAN MELBY, PARTNER OF SUMMA EQUITY, SAID:

"Qlearsite is at the forefront of People Analytics with their Organisational Science approach, helping companies to get a deep understanding of what influences their organisation, its people and how to improve performance. Their solution is state of the art within this field, and allows users to perform complete analysis that answers the most critical questions for any organisation. The products have proven to be highly competitive, providing important insights that allow customers to make the right priorities in creating stronger organisations, thereby gaining competitive advantages and avoiding unnecessary costs."

Notes to editors:

Qlearsite 

Qlearsite, founded in March 2015, is a UK-based technology company which provides some of the world's largest and best known companies with analytics software built for employee 'big data'. Our industry is called 'People Analytics' and we describe ourselves as 'Organisational Scientists'.

Currently located in Old Street London, Qlearsite will employ more than 40 people in 2017 and anticipates significant further recruitment in 2018 to help meet growing demand. Qlearsite is built by people who are all either talented Technologists, Data Scientists or Organisation Experts.

For more information please go to http://www.qlearsite.com.

Summa Equity 

Summa Equity was formed in 2016 by partners with a shared vision of building a leading specialised private equity firm in the Nordic lower mid-market, positioned to capture the investment opportunity provided by the thematic megatrends expected to drive growth over the long term. The Firm focuses on sectors related to four megatrend driven themes: resource scarcity, energy efficiency, changing demographics and tech-enabled businesses. Summa Equity closed its first fund in February 2017 with commitments of SEK 4.5 billion.

For more information please go to http://www.summaequity.com