A MANAGMENT buyout at a marketing firm on Teesside has helped to secure 40 jobs.

Rocket Science CRM (Customer Relationship Management), at the Riverside Business Park, is the result of an MBO from a US agency.

The business, formerly known as Intelligent Database Management, has been bought by its management team of Alan Timothy and Vaughan Lonsdale, who have been joined by David Gornall.

The deal, worth several hundred thousand pounds, was put together by Quantum Corporate Finance, of Newcastle, and financed by UK Steel Enterprise and Five Arrows.

The deal will secure 40 jobs on Teesside with more in the pipeline if the business proves a success.

Rocket Science CRM specialises in business-to-business marketing and building relationships with customers.

Its clients include Honda, building products company Hepworth and whisky company Highland Distillers.

Chris Appleby of Quantum Corporate Finance, said: "Given the nature of Rocket Science's business this was a very difficult deal to fund in a traditional manner.

"However, UK Steel Enterprise and Five Arrows demonstrated a detailed understanding of the business and a willingness to be flexible, delivering a financial package to complete the deal and secure a launch pad for growth.

"Given the current issues surrounding the steel industry on Teesside, I am delighted to see an investment of this type by UK Steel Enterprise."