Manchester-based Cloud Technology Solutions (CTS) has doubled its revenues following a record year of client wins, new products and its merger with a Dutch firm.
The company, which is based in Lowry House, reported a 50 per cent rise in revenues for the year ending March 31 to £27.5m.
CTS said the growth followed new client wins, the launch of new software solutions under the rebranded CloudM product suite and a merger with Netherlands-based machine learning experts Qlouder – creating one of the largest full-stack Google practice in Europe.
CTS, which consults globally and enable businesses to work collaboratively, modernise IT systems and innovate with data through predictive analytics and machine learning, also secured a significant investment from NorthEdge Capital earlier last year.
The increase in revenue has been most rapid in CTS’s public cloud transformation practice, which has trebled in size to a team of over 50 cloud architects, data scientists and machine learning specialists.
The company’s proprietary CloudM software products have also continued to perform well and have now been used to migrate more than 9 million users across 83 countries into the cloud, with over 3 million users under ongoing management.
The strong growth has continued into the new financial year, supported by a record month for new contract wins worth over £8m in March, putting the business well on track to exceed revenues of £40m in the coming year.
Since securing a significant investment from NorthEdge Capital in March last year, CTS has increased its headcount from 95 to 160 people over the past 12 months and opened a new office in Frankfurt, expanding its footprint in the European market.
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James Doggart, chief executive officer at CTS, said: “This milestone is a proud moment for everybody at CTS and the culmination of years of hard work from all of our teams.
“It’s testament to everyone’s efforts that we’re performing so well, while also maintaining industry leading service standards and continuing to innovate at the cutting edge of an exciting sector.
“These strong figures demonstrate that organisations have well and truly embraced cloud transformation.
“The focus of many of our customers is now moving towards looking at how they can disrupt their markets through the use of data science and machine learning - something we’re specialists in at CTS.
"The integration of machine learning informed by in-depth data analytics will completely revolutionise many industries and we are helping a number of businesses to capitalise on this paradigm shift.
“Our recent growth has crucially allowed us to invest in the best talent in the industry, something that we are incredibly passionate about.
"We added 12 top graduates to our team this year, and we’re pleased that we can use our success to play a part in shaping the next generation of talent in the industry."