Gas Tag has secured a multi-million pound investment from private equity company Waterland. The deal, which values Gas Tag as worth in excess of £20million, will enable the business to scale up its operations in the UK and internationally. In return for the investment, Waterland will gain a minority stake and two of its senior team will join the Gas Tag board.
Started in 2015, Gas Tag uses bespoke technology to help housing providers and local authorities to combat the scourge of illegal gas fitters and enforce gas safety regulations. As soon as a physical Gas Tag is installed on the gas outlet in a property, the software tracks and records all of the property’s gas appliances and any gas works carried out at the property, and can only be used by ‘Gas Safe’ registered engineers.
Stephen Ullathorne, CEO, Gas Tag, said, “The Waterland investment will be transformational for us. We didn’t just want an investor, we wanted a partner and Waterland stood out as the perfect fit with our ambitions for Gas Tag.
“There is a growing acceptance across the industry that it is no longer acceptable to leave gas safety to chance. Gas Tag is unique in providing housing providers, local authorities and landlords with a real-time, proactive approach to gas safety.
Andy Scaife, managing director, Waterland, said, “Gas Tag is a very exciting and innovative company, exactly the kind of business Waterland looks to invest in. We are delighted that this is the first investment by our UK team.”
