The technology company, Synapse Information, announced today 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 take advantage of global opportunities and expand the team from 30 to 50 plus in the next 2 years. The team behind Synapse previously built and scaled a worldwide software company that employed over 120 staff in Silicon Valley and was bought by US computer giant, IBM.
The innovative technology developed by Synapse solves the massive 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. It 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.
Synapse’s growth has been funded to date by a number of backers including ART Business Loans (ART), which provides access to finance for businesses in the West Midlands.
Dr. Steve Walker, Chief Executive, ART, has vast experience in helping Enterprise access finance and has contributed to local and national government policy and served on a number of specialist groups, forums and boards, including the National Small Business Investment Task Force and the West Midlands Regional Finance Forum.
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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.”
CEO, Brian Donnelly, Synapse says: “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.”