A South Hams computer company has scooped a major national industry award after expanding its business with a significant loan from Finance Southwest.
Aspidistra Software Ltd, which is based in Kingsbridge, was runner up in the Sage Innovation Award 2007. The accolade recognised the company’s expertise in designing software for small and medium sized businesses that works with Sage accounting packages.
The criteria are that a company must be highly innovative in the way its system integrates with Sage and the end result must add value and directly benefit customers. Aspidistra’s tailor-made “Shopfront” programme enables firms to sell on the internet at a sophisticated level, using practices more like those of multinationals.
The many benefits include a real time check on stock control for ecommerce so companies never need run out of a product, the ability for trade customers to buy direct from a dedicated part of a website and a tool that updates potentially useful marketing information.
Aspidistra carried out a business review earlier this year and decided that it would focus on selling products that integrated with Sage. It became a gold sponsor for Sage systems and as such was able to directly market the Aspidistra brand at road shows held in six major UK cities. This gave the company unrivalled access to potential markets.
Paul Dorey, the managing director of Aspidistra Software, said: “The loan from Finance Southwest has given us the headroom to capitalise on our relationship with Sage and generate sales that would not have otherwise happened. As a result I believe we are looking at more growth in 2008.”
Expansion, helped by the Finance Southwest loan, has already enabled Aspidistra to take on two new full time employees, both from the South Hams, which has benefits for the wider south Devon economy. One is a computer software salesman, the other a software test engineer.
Chris Burt, the loan fund manager for Finance Southwest said: “When the directors of Aspidistra Software approached us earlier this year, they had already taken the strategic decision to incorporate the company’s “Shopfront” software with a range of Sage accounting packages, offering clients a fully integrated processing of web based orders and reducing back office administration.
“We were impressed by Aspidistra’s reputation for the development of bespoke and innovative software packages and although a lot of the development work for the new product had already been undertaken, it was clear that additional working capital would accelerate the completion of the remainder. Finance Southwest is very pleased to have been able to support such a dynamic, high tech business.”
Ends
20/12/07
Notes to editors
Finance South West is an £18 million investment fund that can provide commercial finance from £10,000 up to £1 million for buying, starting or growing a business in the Objective Two area of the South West. The company also offers business planning services and mentoring through a network of qualified professionals and a panel of non-executive directors to help businesses achieve their goals.
The Finance South West Loan Fund has invested over £3 million in 58 small and medium-sized businesses, levering more than £4.5 million into the South West economy, safeguarding 160 jobs and creating 98. The Finance South West Growth Fund has invested a total of £4.1 million in nine companies, levering £13.7 million into the economy, creating or safeguarding 160 jobs.
Finance South West is part funded by the EU through the Objective Two Programme for the South West and is an £18m venture investment fund targeting small and medium sized enterprises in this region with a range of equity, mezzanine and debt capital.
Finance Cornwall Fund Managers Limited is an investment company authorised and regulated by the Financial Services Authority registered in England and Wales, number 05010380, registered address 14 High Cross, Truro, Cornwall, TR1 2AJ.
For further information visit: www.financesouthwest.co.uk
Aspidistra Software Ltd is based in Kingsbridge, south Devon. It was formed in 1999 by its managing director, Paul Dorey. It employs 9 people and counts the Ministry of Defence and Virgin Media amongst its client list, which also comprises a number of small and medium enterprises nationally. For further information contact Paul Dorey on: 01548 856583 or email: pdorey@aspidistra.com
Contact
Samantha McKay, PR Manager, Formedia (PR for Finance South West) on: 01752 762120 or email: samantha@formedia.co.uk |
