Innovative software firm is pride of Dorset after winning trophies for ‘flying the flag for innovation’

By Andrew Diprose [email protected]

Published: November 27, 2023 | Updated: 27th November 2023

‘Flying the flag for innovation’ has led to a Poole-based firm winning two trophies at a ceremony honouring the best technology businesses in the South West.

iplicit logoiplicit’s cloud accounting software earned the FinTech prize while the iplicit team carried off a second trophy after the company was given the Dorset Cluster Award.

The award recognised iplicit as the standout entry from the county where its support and marketing teams are based.

The awards come at the end of another spectacular year of expansion at iplicit.

It has delivered more than 100 per cent growth annually since its launch in 2019.

Now employing 91 staff across the country, it has just over 1,100 organisations using the platform, with more than 10,000 daily users logging in from 72 countries.

Tech South West logoiplicit’s Poole office is at FOUNDRY in the Dolphin Centre.

A record-breaking 400 tech leaders attended the Tech South West Awards ceremony in Exeter.

Joe Bevan, of Tech South West, said: “FinTech is one of the region’s great strengths and it’s always a competitive category at the event.

“iplicit impressed the judges with a very clear understanding of the market opportunity and its phenomenal growth.

“We are excited to follow their journey as they continue to fly the flag globally for innovation in the South West.”

Lyndon StickleyLyndon Stickley, CEO of iplicit, said: “We are on a mission to displace Sage and become the most utilised finance software for mid-sized organisations.

“Although our software has been ten years in the making, and we’ve been implementing systems for the last five, we really are at the start of an inconceivably large opportunity.

“Our mission is to rescue hundreds of thousands of organisations globally, that are currently held hostage to outdated, legacy, on-premise finance solutions without an affordable path to the cloud.

“It’s great to receive an award that recognises both the quality of our product and the incredible growth journey that we’ve experienced so far.

“2024 will see another 100 per cent plus growth and take us to the launch point for our office in North America.

“We expect the expansion to continue aggressively and are targeting over £60 million ARR (Annually Recurring Revenue) in the next five years.”

Matt LewnsCollecting the award, Matt Lewns, Partner Manager at iplicit, said: “iplicit is disrupting the mid-market in the same way that Xero disrupted the entry level space.

“Our technology is the most advanced in its field, designed specifically for the tens of thousands of Sage 50 and Sage 200 customers that don’t feel they have an affordable cloud path with their existing vendor.”

Dorset has seen two fast-growth organisations emerge from members of the iplicit team before – both in the 1990s.

CEO Lyndon Stickley founded the highly successful global communications company, 4-Sight, and the CFO, Rob Steele, founded Exchequer Software, a pioneering Windows solution for finance teams that secured thousands of customers both in the UK and abroad.

Anthony StoryAnthony Story, Director of Silicon South and Co-Host of the Tech South West Awards, said: “It was such a great pleasure to hand the FinTech Award and the Dorset Cluster Award to iplicit.

“The core leadership team founded the finance software platform Exchequer in Bournemouth, in the heart of the Silicon South cluster, in the 1990s and, despite their impressive growth, their support and marketing teams are still firmly rooted here in Dorset.

“The business has grown by triple-digit percentages each year and is winning over many mid-market organisations which have outgrown their existing accounting systems.

“It is a testament to the importance of spotting an under-served market and developing the right product to fit. It exemplifies the incredible array of creative, technical and entrepreneurial talent we have in Bournemouth, Christchurch and Poole.”

Read more – Tech South West growth accelerator set for return next year to support another 150 ambitious SMEs

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