The YFM Group has announced a further investment in OchreSoft Technologies, a technology business that provides conveyancing workflow software to the legal market.

Swindon-based Ochresoft has secured £600,000 in total of funding from its existing shareholders including the YFM Group.

The YFM Group, managed by the South West Ventures Fund, first invested in OchreSoft in September 2005. Since then OchreSoft has achieved a rapid expansion of its business with a four fold increase in monthly revenue plus an expanding client base.

The company was looking to raise further funds to support the rapid growth in the business and to enhance the functionality of its main product Intelliworks, a .NET based workflow application that was launched last year.

At the moment, Intelliworks can be used for sale and purchase and remortgage. The software is undergoing development so that ultimately, it will also be possible to use it for wills, probate, accounts and family law.

“We have developed a market leading workflow framework that is can deliver our risk managed legal applications very cost effectively, so that the firm can hit the ground running” explains Clive McCafferty, CEO at OchreSoft Technologies.

“We believe that future Government changes coupled with increased competition in the market is forcing law firms to adopt case management technology. This is effectively opening up a market segment in the legal technology market that didn’t exist two years ago and only OchreSoft are poised to exploit it.”

OchreSoft was originally established in 2003 as an off-shoot of BPE Solicitors, one of the UK’s leading conveyancing law firms. In addition to Intelliworks, OchreSoft has developed a system called the “Virtual Firm” that has the capability of linking estate agents, lawyers, HM Revenue and Customs, the Land Registry and clients to provide a seamless conveyancing service.

Clive added: “Our faith in our product has been endorsed by the YFM Group. This additional funding along with a substantial sum from other existing investors will help us to substantially grow our customer base in the legal market sector.”

Julian Dennard from the YFM Group said: “OchreSoft has an exciting business plan moving forward and we are delighted to confirm this latest investment in the business. The company has developed some very marketable new products that should help it to take a significant share in the growing legal IT market. We are delighted to be part of Ochresoft’s success.”