Sunday Business Post

Cloud firm seeks new investment - by Dick O'Brien

Profitsflow.ie, a Co Wicklow cloud computing start-up is attempting to raise €500,000 in investment.

The company specialises in developing sales, marketing and customer service automotive software for the manufacturing and distribution sectors that is delivered over the cloud.  The firm said that it was raising the money to finance a move into what is believed was the lucrative British manufacturing market, which amounts to 12 per cent of the British economy.  Profitsflow.ie is also preparing to move into the US market.

Profitsflow.ie is an Enterprise Ireland client company.  The agency is advising it on international expansion, in addition to introducing it to potential investors such as Delta Partners, Enterprise Equity and ACT Venture Capital.

"We have been dealing with the British Department of Trade and Investment and they are helping us to find a suitable location for our headquarters" said Tadhg Henderson, managing director and co-founder of Profitsflow.  "Finding the right investor partner will be critical to our growth in foreign markets."

The company said it had trebled revenue for the second year running in 2010.

In addition, it said it was on track to treble revenue again in this year, with a projection for trebling it yet again next year.  It declined to reveal what its exact revenue figures were.

"The investment will allow us to increase the employment base of the company in the order of seven to ten people over the next 18 months", said Charlie Melia, co-founder and director of sales and marketing.  "The British operation will be a sales office only and all other employment in implementation, support and maintenance will be retained at our Wicklow headquarters."