A successful business based out of Birmingham Science Park, Synapse is solving the massive problems associated with corporate management reports, and has already generated revenues of over £6 million since 2014.
The company has first-mover-advantage in a market that is estimated by Gartner to be worth more than USD $10Bn.
Their Cloud CFO SaaS (Software as a Service) model allows large companies to use their existing financial reporting systems, whilst automating report production, reducing operational costs, and improving data quality.
Existing customers love the technology and other large names, including the Bank of England, have been in contact with Synapse with the view to adopting it and just recently, Lloyds bank has agreed to a 2 year fixed SAAS with 12 months being paid upfront (£90k).
Synapse recently completed a small Series A round (aimed at £300k - oversubscribed to £430k) and now wishes to extend this by up to £500k (at the same valuation) to support their planned aggressive growth with their newly acquired company.
They have created and now sell a scalable SaaS product and by acquiring a complementary company will effectively double existing revenues and triple their customer base immediately. This acquisition is seen as a key path to fast growth and could result in Synapse having a total of 60-70 subscription customers by the end of 2018.
The strategy is familiar to Brian, who has previously built and scaled a worldwide software company (70 Blue Chip Customers, 160 Staﬀ, sold to IBM) headquartered in Silicon Valley. He has indicated he intends scaling Synapse in a similar but bigger way.
This aggressive growth plan could also unlock the door to a senior round of follow on funding, needed to propel sales worldwide and prepare for a liquidity event.