A re-seller of SAP鈥檚 cloud-based Business One solution - an enterprise resource planning system aimed at SMEs - has secured 拢350,000 of equity funding from Finance Birmingham.
The cash injection will allow Ascarii, the 海角视频鈥檚 only dedicated cloud SAP Business One Partner, to create at least 12 new jobs over the next three years.
Ascarii, which employs 12 people and has offices in Warwickshire and Tyne & Wear, will also use the funding to focus on new sales and marketing activity to drive revenue growth.
CEO Stuart Wilson said: 鈥淭he support we have received from Finance Birmingham will play a pivotal role in the growth of the business and will allow us to recruit additional sales and implementation staff.
鈥淥ver the past two years, we have seen clear evidence of demand for the cloud-based Business One solution and this funding will enable us to take full advantage of the market opportunity that is presenting itself.鈥
He added: 鈥淲e pride ourselves on delivery and have therefore been reluctant to accelerate the growth without the requisite number of support and implementation staff to ensure that we can exceed customer expectations.
鈥淲e have recruited additional technical staff and the funding will afford us the confidence to grow at a more rapid rate.鈥
The funding has been provided by Finance Birmingham as part of its 拢9 million Regional Growth Fund - a pot of money open to growing SMEs across the Greater Birmingham and Solihull LEP area.
Ian Fairclough, Finance Birmingham鈥檚 investment director, said: 鈥淎scarii is a fast-growing cloud based business, a re-seller of Business One.
鈥淭he company has developed its own cloud platform to host the data of its customers and that of other re-sellers.
鈥淚t has won numerous customers, including Blue Chips, on long-term contracts and is well-placed to take advantage of the increased demand for a cloud-based Business One solution.鈥
He added: 鈥淭his investment will support the significant growth of the business by funding working capital and additional overhead investment as it continues to grow.鈥
Freeths and Higgs & Sons both advised on the deal.
