Cloud software company Profitsflow.com is commencing a roadshow to secure €500,000 in private investor funding. The company recently completed the Propel programme with Enterprise Ireland.
Profitsflow.com provides cloud sales, marketing and customer service automation software to the manufacturing and distribution sectors and has recorded a 300pc increase in revenues in its second year of operation.
They recently fought the Department of Social Protection regarding the rules of the new Jobbridge Internship Programme. They won this fight, causing the Government to change the rules in a media campaign lasting just three weeks.
The new private investment will be used to secure a foothold in the lucrative UK manufacturing market, which is 12pc of total UK economy, as well as beginning preparatory activities for the US market.
The manufacturing market in the UK is now worth stg£140bn, which is key to Profitsflow.com hitting sales targets for the coming year. Sectors such as aerospace, pharmaceutical and engineering are firm targets in the indigenous Irish software company’s sights.
Sights set on UK market
Speaking about the announcement, managing director and co-founder Tadhg Henderson explained: “We have been dealing with the UK Department of Trade and Investment and they are helping us to find a suitable location for the UK headquarters. This is an exciting move and finding the right investor partner will be critical to our growth in foreign markets.”
Not alone has Profitsflow.com trebled revenue for its second year, it is on track to treble it again in year 3 with a projection for trebling it yet again in year 4.
Profitsflow.com attributes its continued aggressive growth to a team that is focused and committed and help from both the Wicklow County Enterprise Board and Enterprise Ireland.
Irish companies have become sales driven to a larger extent than ever before and are using Profitsflow.com to organise and drive their own sales and marketing personnel. The biggest reason that the firm has been so successful in the Irish market is due to the fact it is an Irish company. All employment outside of sales will be retained here in Ireland.
“The investment will allow us to increase the employment base of the company in the order of seven to 10 people over the next 18 months,” director of marketing Charlie Melia said.
“The UK operation will be a sales office only and all other employment in implementation, support and maintenance will be retained at our Wicklow headquarters. Growth in the UK market will allow us to hit and hopefully exceed our targets for this year and next,” Melia said.
Profitsflow.com is being helped by Enterprise Ireland to penetrate these new markets, as well as organising introductions recently to possible investors, such as Delta Partners, Enterprise Equity, ACT and also Chris Horn of Iona fame. It is hoped the investment will be in place within four to six months and a soft landing into the UK market facilitated by the UK Department of Trade and Investment by Q2, 2012.