Cardiff-based tech firm Flyform, a sales and service partner of the ServiceNow B2B cloud platform, has secured a significant six-figure investment to support its ambition of becoming £1bn turnover venture in the next decade.
Flyform, which currently employs 40 but plans to grow to 100 with a focus on graduate recruitment within the next year, has received growth capital investment from Lloyds Bank, in partnership with Izy Capital as lead advisor.
FlyForm works exclusively with US-based software firm ServiceNow – which provides a leading global cloud computing platform to help firms and organisations improve productivity and efficiency.
Founded in late 2015, FlyForm is led by co-founders Arron Davies, chief operating officer, and chief executive Philip Davies. The company has quickly expanded to work with clients across the Ƶ and experienced a compound annual growth rate (CAGR) of 261%.
The company’s current clients span a variety of sectors, including government, financial services and healthcare. The company has not disclosed latest financial figures.
Mr Davies said: “We are beyond grateful to Lloyds Bank and the Izy Capital team for their help in achieving this massive opportunity. I look forward to working with my co-founder Arron and our growing team toward our vision of building Wales’ first global technology consultancy with £1bn in annual revenue.
"This injection of capital will help us accelerate even faster into the next level, as well as being a huge vote of confidence in our vision to continue supporting the local economy with hundreds of jobs in the near future.”
Last year ServiceNow generated revenues of $3.5bn. Earlier this year, FlyForm achieved ServiceNow elite partner status, the highest ranking level for a Ƶ-based partner. As ServiceNow targets global revenue of $10bn, FlyForm see significant potential for take up of the cloud software platform.
“FlyForm are a fantastic example of the vibrancy and the growth opportunity within the ServiceNow partner ecosystem,” said Seb Fitzjohn, vice president of alliance and channel ecosystem EMEA (Europe, the Middle East and Africa, at ServiceNow.
“A big part of ServiceNow’s strategy is to create the conditions for our partners to invest and scale, based on delivering customer success, and amazing experiences on the platform.”
Christopher Ryan, relationship manager at Lloyds Bank said: “We are delighted to support FlyForm with their scale objectives Their growth trajectory over the past several years has been remarkable and we very much look forward to a long-term relationship as digitisation is forced to the top of all enterprise agendas.”
David Rees, managing Partner at Izy Capital said: “We have been working with FlyForm for several years. They are an awesome bunch of guys as borne out by CAGR since 2016 of 261%. With the widescale migration to enterprise cloud digitisation and the support of the incredible ServiceNow ecosystem, our clear sense is this is just the beginning.”
