KashFlow on the lookout for investor
Online accountancy software business KashFlow looks for strategic partner to dramatically increase its reach
INTERNET-BASED accountancy software provider KashFlow is looking for a strategic investor to significantly grow its business.
The online IT company directly competes with Sage and has offered customers dramatic discounts to swap to KashFlow.
Managing director and founder Duane Jackson hopes to expand the business to more than twice its size through an investment.
“Doubling turnover year on year is getting boring now – we’ve done that for a few years. We want to really accelerate things now,” he said.
KashFlow’s annual turnover for 2010 was £1m and forecasts £2m in 2011. It has doubled its turnover year on year since 2008.
Jackson also announced he is stepping down as CEO to focus on marketing and building the technology.
“I think ultimately the company and our customers would be best served if I stepped back from the CEO role.
“With that in mind, we’re also talking to a small number of individuals
who have experience of building high growth technology businesses,” he said.
Lord Young, a former secretary for trade and industry, became KashFlow’s chairman in 2008.
KashFlow has 10,000 paying customers and was founded with the help of the Prince’s Trust in 2006.