The corporate team at national law firm Shoosmiths has advised Matillion, a fast-growing provider of disruptive cloud-based integration software, in a Series B fundraise of $20m.

The company, based in Altrincham, south Manchester and New York City, has brought on board two major Silicon Valley institutional investors, Sapphire Venture and Scale Venture Partners, to further accelerate its international expansion.

Existing UK investor YFM Equity Partners has also increased its stake in the company, which in 2017 saw annual recurring revenue soar 260%. The proceeds of the fundraise will allow Matillion to grow its sales and marketing teams in the US and also to invest in new product development and strengthen its senior team.

Co-founded by chief executive Matthew Scullion in 2011 alongside chief technology officer Ed Thompson and commercial director Peter McCord, Matillion has developed leading-edge software focused on allowing its customers to analyse huge amounts of data stored in the cloud.

Matillion’s software is used by more than 250 customers, including a significant number of global corporates, including GE, Accenture and Siemens.

Matillion was advised by Manchester-based corporate partner Karen Procter and venture capital specialist partner Steve Barnett in London. Both were assisted by senior associate, Ben Dredge. Arma Partners, an independent corporate finance adviser, also acted for the company.