A Manchester business which provides specialist software for some of Europe’s biggest energy companies has secured £300,000 from Enterprise Ventures SME Loans to support its international expansion.
UD Software Solutions helps clients including npower and Gazprom to improve efficiency and drive revenues through better management information and customer service. The business, which offers solutions for energy suppliers, generators, asset managers and brokers, is now aiming to increase sales in Europe and to break into the US market.
UD Software Solutions was founded in 2009 as an energy broking firm by the current Sales Director, Paul Hodnett, who had a background in the industry. He saw the opportunity for brokers to improve efficiency when dealing with utility suppliers and developed an IT system to automate the process. As word spread, he was approached by other brokers seeking to license the software for their own use.
The group now employs 35 people including an experienced management team led by Steve Armitage, a former director of Gazprom.
Chris Pestell, Investment Director with Enterprise Ventures, which manages Enterprise Ventures SME Loans, said: “UD Software Solutions’ unique selling point is that its products have been developed by people who have worked in the energy industry. The group’s development to date has been funded by the shareholders but it is now experiencing rapid growth, and larger, international opportunities are arising.
“This funding will allow it to invest in further product development and take on additional staff to support its growth in Holland, Belgium and Germany and prepare for its entry into the US market.”
Enterprise Ventures SME Loans is backed by Santander UK plc and Greater Manchester Pension Fund and is available to UK businesses which have been trading for three years or more and which have current or anticipated £100k operating profit and a minimum turnover of £1 million. Loans are available for all purposes, including acquisitions, asset purchases, operational improvement and business development.
On the 10th March 2016 Enterprise Ventures joined Mercia Technologies PLC.