Birmingham-based technology company Synapse has today announced that it is securing further investment with the help of crowdfunding platform, Shadow Foundr, to create more local jobs for the economy and upscale the business.
The aim is to raise a minimum of £300,000 to access global opportunities and expand its team from 30 to 50 in the next two years by recruiting graduates that have studied or grown up in the West Midlands.
This encouragement for investors to stake a claim in the company’s future growth is supportive of Mayor, Andy Street’s ‘West Midlands First’ programme, which was launched earlier in 2017 and is part of a skills initiative to retain talent in the region. Brian Donnelly, CEO of Synapse said:
“In the last three years, we have attracted some major customers and have a very healthy pipeline. We are fully supportive of the initiatives to champion the West Midlands and to put it back in its rightful place as the leading region of the UK.
“Basing the company in Birmingham is the best decision we made as it has allowed us to take advantage of all the region offers and to attract the highest calibre of staff.”
The team behind the Innovation Birmingham-based company previously built and scaled a worldwide software company that employed over 120 staff in Silicon Valley and was bought by US computer giant, IBM.
Synapse’s growth has been funded to date by backers including ART Business Loans (ART), which provides access to finance for businesses in the West Midlands. In helping enterprises access finance, Dr. Steve Walker, Chief Executive of ART, has contributed to local and national government policy and served on specialist groups, forums and boards, including the National Small Business Investment Task Force and the West Midlands Regional Finance Forum. He commented:
“Synapse is exactly the kind of company we need in the West Midlands. The team has decades of experience in software development and sales and every member demonstrates a real focus on solving the financial reporting problems so many corporates are currently experiencing.”
The innovative technology developed by Synapse solves problems associated with corporate management reports and has first mover advantage in a market that is estimated by Gartner to be worth more than USD $10Bn.
The Cloud CFO system allows group companies to use their existing financial reporting systems to automate report production, reduce operational costs and improve data quality.
This also provides effective controls to manage risk that can result in incorrect, false or even fraudulent data as outlined by the Switzerland-based Basel committee on Banking Supervision and the Financial Services Authority2 (FSA) in the UK. Blue chip customers include a high street bank and Swedish retailer.