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Thursday 01 October 2020

Keytree joins the Deloitte fold

LogoSeven weeks after Deloitte’s announcement of its intention to buy Keytree (see here), Logothe SAP-centric services and product provider’s 400 staff today moved onto the Big 4 firm’s payroll. The completion of the acquisition was also accompanied by the appointment of nine Keytree executives as partners within Deloitte’s consultancy division.

The majority of Keytree’s employees will be housed in Deloitte’s UK SAP practice, while a number will also join the firm’s human capital consulting and central functions units. Keytree teams in Madrid, Sydney, Toronto and the recently opened Bangalore facility will become parts of Deloitte’s corresponding local operations.

The acquisition creates the UK’s largest SAP-enabled transformation practice and one of the largest in Europe. Keytree, as a new Deloitte business, will enhance the firm’s SAP S/4HANA®, SAP Customer Experience, SAP® SuccessFactors® and SAP Cloud Platform capabilities.

As we have previously noted, this appears to be a smart move by both players. Keytree adds materially to Deloitte’s UK prowess in a market hotspot, whilst Deloitte’s geographic reach and boardroom relationships should help Keytree to compete effectively for larger scale, global opportunities.

Posted by: Duncan Aitchison

Tags: acquisition   systemsintegration   consulting   SAP   big+4  

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Thursday 01 October 2020

*UKHotViewsExtra* Accelerated Cloud adoption boosts Advanced

Advanced logoUK-headquartered Advanced is one supplier benefiting from the shift to the cloud as UK businesses and public sector organisations move into to the ‘business recovery’ phase of the pandemic. The PE-backed software and services provider has had a strong Q2 (to end August) despite Covid-19, with growing demand for its cloud software services

Recurring revenues were reportedly 62% higher year-on-year and normalised bookings of all types were up by 31% compared to Q2 last year. Although Advanced won’t provide absolute figures, our estimates suggest recurring revenues are in the tens of millions - the supplier turned over HV Premium£261m in FY20 with some £210m from UK software, securing it the twelfth place in our 2020 UK Enterprise Software rankings.

CEO Gordon Wilson told us he was pleasantly surprised by the strong Q2 performance having been prepared for some significant headwinds as a result of the pandemic. After a fairly flat Q1 (March-May), the mood in the market picked up in Q2 as organisations decided to ‘just get on with it’ and there was a sharp rise in demand for cloud-based software that enables staff to work remotely or from the office. More...

Posted by: Tola Sargeant

Tags: trading   cloud   software   covid-19  

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Thursday 01 October 2020

Allocate Software acquires Selenity

Allocate logoWorkforce and resource planning specialist Allocate Software has acquired again to further broaden its human capital management (HCM) offering. Allocate has today announced the acquisition of Lincoln-based SME Selenity, which avid readers may Selenity logoremember was part of TechMarketView’s Little British Battler Programme way back in 2014 as Software Europe (see here & here). The terms of the deal were not disclosed, but Selenity will be a small bolt-on addition – it had 59 employees in FY19 and was too small to file full accounts with Companies House.

Selenity is nevertheless a good fit for Allocate bringing both cloud-based HR and finance process management software, and a broad range of customers including over 200 health and care organisations. The SME’s flagship product is the online expenses platform Expenses, which was launched in 2002. Although Selenity also has more than 200 commercial customers, it made a name for itself in the health market, building a bi-directional interface to the NHS’ Electronic Staff Record system in 2009. 

For Allocate, extending its HCM stack is one of three key strategic pillars as it strives to deliver on its mission of ‘helping people deliver the best healthcare’. We’d previously predicted a further focus on the broadening its HCM proposition through continued innovation, interoperability and M&A, so this latest acquisition is no surprise.

The move comes just days after Allocate launched its next generation e-Rostering software for health and care organisations, HealthRoster Optima 11, and follows earlier acquisitions of learning management software (Enterprise Study) and staff agency management software (247Time). We can expect further investment and innovation as Allocate, now under joint Vista Equity/HG Capital ownership, attempts to define an emerging Healthcare People Management space.

Posted by: Tola Sargeant

Tags: acquisition   software   healthcare   hcm  

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Thursday 01 October 2020

*NEW RESEARCH*: Solutions Market Trends and Forecasts 2020

Available for download nowSolutions Market Trends and Forecasts 2020

report coverThis report contains TechMarketView’s latest market size and forecast data for 2019 to 2023 along with an analysis of the trends shaping the UK Solutions market.

Covid-19 is likely to prove a ‘double edged sword’ for Solutions – the short-term will see a slowdown in activity with spending priorities re-assessed and non-essential and Heritage projects placed under review or scaled back, resulting in falling demand for Solutions in 2020.

However, organisational necessity and a reimagined workplace will ultimately see an acceleration to digital with increasingly investment in a number of ‘hot’ areas (e.g. remote working, security, health & safety, automation and customer/employee experience) that will see Solutions recover the ground lost, and potentially more, as we move towards 2023.

Cloud remains the major driver for investment in Solutions with service providers desperate to grow digital services to counter accelerating declines in their Heritage operations. Here we expect demand for cloud platform services and SaaS sales to increase significantly over the next four years in the UK.

The short- and longer-term impact of Covid-19 will have a profound effect on the trajectory of Solutions. The initial focus for organisations around ‘keeping the lights on’, being resilient and shifting employees to working from home has resulted in many tactical digital projects. Longer term this is likely to result in more openness to digital at senior levels and a greater focus on a more strategic approach to innovation. 

The post-pandemic Solutions market will be very different and service providers must accelerate their own transformations if they are to serve their customers’ rapidly changing expectations.

Subscribers to TechMarketView's TechSectorViews can download this report now. If you don’t have a subscription and would like to know more about how to access our services, please email Deb Seth.

Posted by: Marc Hardwick

Tags: newresearch   Solutions  

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Thursday 01 October 2020

Share performance in Sept 20

Beware Holway going on holiday

SharesSharesSomething really rare happened to me this month. I took a week off to go walking in The Lakes. Almost every holiday I have seems to coincide with a wild fall in tech shares. It happened with my previous holiday to Venice in early March 20 as C-19 struck. It happened again this time. Perhaps Lockdowns do have Upsides as Holway can’t go away!

On 5th Sept in Tech shares entered a period of volatility. NASDAQ fell by nearly 10% in a few days. But, as you can see from the table, it had recovered about half of that fall to end down ‘just’ 4.3% on the month. Indeed, STILL up 25% YTD. Compare this to the FTSE100 which fell 1.7% in Sept but is down a pretty massive 22% YTD.

US tech really does dominate. The UK TechMark100 is still down 4.8% YTD and the FTSE SCS Index, which most closely tracks the UK quoted Software & IT Services companies that we track at TechMarketView was down 3.4% in Sept making it a 8.5% fall YTD.


The outlook looks just as uncertain now as at any other time I have written this monthly review in 2020. So many uncertainties – all on the potential ‘Bad News’ pile. Second C-19 wave, Mass redundancies, tax hikes, No deal BREXIT, disputed US election.

I also detect a change of mood. Maybe when the sun shone one could believe that ‘Things could only get better’. But now we face many months of gathering gloom when so many more actitivies – including Christmas – will be severely HVPaffected.

So far, tech stocks have provided the one bright spot. But for how long?

For an extensive review of Share Performance in Sept 20 see HotViews Extra. Available to all our paying subscribers including HotViews Premium.

Posted by: Richard Holway

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Thursday 01 October 2020

*HotViewsExtra* Technology is both the problem and the solution as TSB cuts highlight retail banking's challenges

TSBIt is no coincidence that yesterday’s news that TSB is to close 164 of its UK branches, came in the same week that the OBIE revealed a significant upturn in open banking activity. Just as our shopping habits and the economics of retail have changed, so has customer behaviour in respect of banking as an increasing number of us bank online and utilise digital methods to complete transactions and access services.

The latest branch closures announced by the TSB are in addition to the 82 branches the Spanish-owned bank revealed it would be closing in November 2019. As a result of the programme of cuts, the TSB is set to reduce its UK network from the current number of 475 branches to 290 by the end of 2021. Meanwhile in August this year, the Co-op Bank revealed that it is cutting 350 jobs and closing several high street branches whilst the NatWest announced the loss of 550 branch jobs.

Subscribers can learn more about the underlying factors at play and the impact on technology providers serving the retail banking sector in Technology is both the problem and the solution as TSB cuts highlight retail banking’s challenges.

This content is available to all TechMarketView clients, including HotViewsPremium subscribers. If you are not currently a client, but would like access to this or any other of our material, please contact Deb Seth.

Posted by: Jon C Davies

Tags: banking   tsb  

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Thursday 01 October 2020

The Panoply launches Foundry4

panThe Panoply group of companies is launching a new business to tackle the hardest but most transformative digital challenges.

Foundry4 will combine the expertise of the businesses within The Panoply group, including Arthurly (cloud consulting and delivery expertise), Questers (engineering), Human+ (automation) and Notbinary (Data, Cloud, and Engineering).

Spurred on by the inequalities between ‘the haves and have nots’ of digital transformation, Notbinary CEO, James Herbert, said in a blog post that the combination of specialist skills and capabilities - and passion for tackling the most difficult digital challenge - means ambitious clients will be able to “own their change and create sustainable futures for themselves”.

Herbert said the COVID-19 pandemic had crystalized for him the importance of creating the types of digital solutions that helped support “the rebound needed to heal our social and economic scars”.

The Panoply floated on AIM back in December 2018 (it was oversubscribed) and it is “the parent company of a digitally native technology services group founded in 2016 with the aim of identifying and acquiring best-of-breed specialist information technology and innovation consulting businesses across Europe”. Notbinary was acquired by The Panoply the day before flotation.

Posted by: Kate Hanaghan

Tags: digital  

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Thursday 01 October 2020

Attraqt: coped well in H1; confident enough to make new acquisition

Attraqt logoIt’s been a whirlwind time for omnichannel search, merchandising, and product & content personalisation provider Attraqt Group. So far this year it has dealt with C-19 on top of the existing pressures facing retail, leadership change and the appointment of Mark Adams as the new CEO, and an acquisition and share placing. This follows activity to reshape the business over the past couple of years (see here). 

Despite headwinds the efforts are producing results. Revenue rose 13% in H1 (to 30 June 2020) to £10.2m while losses narrowed from LBT of £1.9m in the year ago period to £1.3m. The company eked out a slightly improved Adjusted EBITDA profit of £0.5m. Quality of business counts too and Attraqt did secure solid multi-year renewals, a 98% retention rate and 13 new logos. 

Parts of the retail sector have been hard hit which has impacted Attraqt yet it appears to have coped well: although new business was soft in Q1 and early Q2, new win conversions, existing customer renewals and upsells have picked up momentum in Q3. And while it remaining cautious in the face of uncertainty, the company says the pipeline is strong. Adams also points to “much greater investment from retailers and brands as a result of Covid-19 and the associated acceleration in online shopping. Indeed, we believe we have seen roughly five years' worth of growth in online retail over just six months.”

The situation has given the company the confidence to continue to invest and it is in the process of acquiring Aleph Search for £0.35m cash and 3.6m new shares (with subsequent performance related cash and shares). Part of the proceeds from a £4m placing are being used for the acquisition. By combining Aleph's AI/ML supported technology with Attraqt's Fredhopper Discovery Platform and Experience Orchestrator Attraqt is aiming to deliver a "Google-like" search experience for eCommerce, and accelerate the Attraqt product roadmap by two years. Organisations are investing in technology to further develop digital channels so this could be a good move for Attraqt. 


Posted by: Angela Eager

Tags: results   acquisition   software   placing  

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Thursday 01 October 2020

Serco appoints new Chair

SercoPublic Sector business process operations provider Serco has announced the appointment of John Rishton as its new Chairman of the Board. Rishton succeeds Sir Roy Gardner, who announced back in May that he was stepping down and will formerly take over the reigns at Serco’s AGM next Spring. Rishton has sat on Serco’s board since 2016 as both a senior independent director and chair of its audit committee.John Rishton

Rishton has an extensive CV with some 40 years business experience including stints as CEO of Rolls-Royce plc from 2011 to 2015, CEO and President of Dutch international retailer Royal Ahold NV (and prior to that, its CFO) and CFO of British Airways plc.  He is also currently a non-exec and chair of the audit committee at both Unilever and Informa, as well as a non-exec of Associated British Ports.

Rishton joins Serco at a pretty good time for the firm where despite the challenges of Covid the firm has been enjoying a period of renaissance having been through a painful multi-year turnaround.

Posted by: Marc Hardwick

Tags: bpo   appointment  

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Thursday 01 October 2020

Revenue pops but profit drops at Deloitte

LogoDeloitte UK delivered another strong top line performance in its latest financial year. Revenue for the twelve months ending 31st May was up 9.1% yoy to £4.31b. The Big 4 firm did not, however, escape the initial impacts of the pandemic unscathed. 11% top line growth during the first ten months of the FY fell to just 2% in April and May.

The COVID driven slowdown exacted a heavy toll on distributable profit. This dropped by 16% yoy to £518m despite the firm’s decisions to defer capital expenditure, suspend equity partner profit distributions and reduce and postpone promotions, salary increases and bonuses. The available pot equates to an average of £730K for each UK equity partner, down 17% from the prior year’s bumper pay-out of £880k.

Deloitte Consulting, which accounts for a quarter of the UK business, was the star of the show with FY20 turnover rising by 11.9% yoy to nearly £1.1b. Most of this growth came from the firm’s SITS activities within which demand for digital transformation, cloud, AI, machine learning, and intelligent automation related services increased significantly.

This unit was also bolstered by revenues earned from supporting the Government in its responses to coronavirus. Assignments included accelerating and scaling COVID-19 testing across the UK as well as helping with the business support schemes. For the firm as a whole Public Sector sales in FY20 increased by 18.5% to £429m.

IT services are set to play a progressively larger role in the Deloitte UK portfolio. The firm has been opening a number of regional technology hubs across the UK. These include the Birmingham-based Health Tech Catalyst launched last month. The acquisition in August of SAP-centric consultancy and product provide Keytree also boosts the organisation’s SITS capabilities.

 As with all of the Big 4, however, Deloitte must implement the operational separation of its audit practice from the rest of its activities by June 2023. The transition timetable for this must be produced by the end of next month. The longer-term implications for the competitiveness and ownership of the firm's consulting business are potentially significant.

Posted by: Duncan Aitchison

Tags: results   systemsintegration   consulting   big+4  

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Thursday 01 October 2020

*NEW RESEARCH* Hot 10 UK UCaaS Providers

*New Research* Hot 10 UK UCaaS ProvidersPandemic-induced disruption to workplace arrangements this year has forced IT departments to take a closer look at their communication and collaboration infrastructure to see where improvements can be made.

Cloud-hosted unified communications as a service (UCaaS) platforms offer a multi-faceted alternative to legacy on-premise systems, delivering the flexibility that remote workers need to stay in touch with colleagues, business partners and customers from any device using a full suite of telephony, audio/video conferencing, collaboration, messaging and data sharing tools.

TechMarketView’s Hot 10 UK UCaaS Providers report analyses ten companies offering unified communications (UC) and UCaaS solutions that look well placed to win more customers and revenue by migrating them onto new cloud-hosted platforms and managed communications services as demand accelerates. The providers profiled include AdEPT, Allvotec, BT, Exponential-e, Gamma Telecom, GCI, Maintel, Redcentric, Six Degrees Group and Wavenet.

Subscribers to TechSectorViews can download our Hot 10 UK UCaaS Providers report here. If you are not already a subscriber and would like to gain access to this report please contact Deb Seth for more information.

Posted by: Martin Courtney

Tags: managedservices   unifiedcommunications   UCaaS   managedservicesprovider   cloudconnectivity  

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Thursday 01 October 2020

Funding brings clarity to ‘MarTech’ Programmai’s predictive analytics

logoIt is of course the retailer’s dream to be able to predict customer behaviour, and there are many players out there – from start-ups to ‘the establishment’ – that say they can help.

And here’s another.

London-based Programmai analyses a retailer’s ‘first-party data’ (or as we used to call it, ‘data’) to predict future purchase intentions. In effect, Programmai creates a data warehouse (as we used to call it) from the retailer’s various databases (‘any data, any format’) and uses all sorts of technology wizardry to predict what the customers will do next.

Founded in 2017, Programmai has raised £850k in a seed funding round, backed by, among others, our good friend Paul Cooper, former partner at M&A advisory Clarity, who takes the chair.

Predictive analytics is all about who can build the better mousetrap, to mix metaphors. Programmai’s proposition is based on its ‘smarts’ being able to link transactions from multiple databases to individual customers via a unique customer ID. Anyone who has had any experience building data warehouses will know that the chance of a customer having more than one ‘unique’ ID increases exponentially with the amount of data held on them (Miller’s Law #42). But I’m sure the Programmai folks know that and have a solution!

Anyway, Programmai has gained some happy customers of its own, including beauty sites Treatwell and Revolution, and specs maker Cubitts.

So far, so good.

Posted by: Anthony Miller

Tags: funding   startup   martech  

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Thursday 01 October 2020

*NEW RESEARCH* Enterprise Software Market Trends and Forecasts 2020

Available for download now: Enterprise Software Market Trends & Forecasts 2020

Report coverThe report contains TechMarketView’s latest market size and forecast data covering 2019 to 2023, plus an analysis of the trends shaping the UK Enterprise Software sector including the impact of COVID-19 on buy and supply-side dynamics .

At 4%, growth during 2019 was a little better than previously expected but that was before COVID-19 hit. 2020 and 2021 are expected to bear the brunt of the impact before the sector begins its multi-year climb back towards pre-pandemic levels. However, software is in a less invidious position than other segments of the economy because much of it is so intrinsic to business operations. The situation is accelerating initiatives to digitally transform and software is a beneficiary.  Software was also behind organisations’ initial rapid responses to COVID-19 and will play a key role through the recovery phases.

The software sector is not immune to the effects of coronavirus however, and based on developing trends, software suppliers will have to place their bets carefully to make progress in a market where Digital Chaos is making organisations ask tougher questions about quick returns and quantifiable contributions to business outcomes.

TechMarketView subscribers can download the report here. It is the companion report to Enterprise Software Supplier Rankings 2020 – click here for this download.

If you would like further information about how to access TechMarketView’s research and associated services, please contact Deb Seth, who will be happy to help.

Posted by: Angela Eager

Tags: software   trends   forecasts  

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Thursday 01 October 2020

Support your business planning with a virtual TMV engagement

TMV logoAre you interested in digging deeper into our UK SITS Market Trends & Forecasts 2020-2023 and UK SITS Supplier Rankings 2020 research? Well now you can. TechMarketView is offering a virtual engagement to explore the meaning behind the written word of our two flagship reports. We have designed a session to enable you to get the most out of our latest analysis and support your business planning activities.

Report coversIn such an extraordinary year, defined by the COVID-19 pandemic and the associated global lockdowns, TechMarketView’s expert analyst team has had to consider the extreme uncertainty that remains for us all and we have created forecasts for the next four years based on two market scenarios. The scenarios will determine how quickly confidence will return. But regardless of the pandemic’s progression and the resultant impact on the UK economy, change is coming. In fact, it’s already here.

Strategic planning in the current environment is filled with unknowns. There’s a strong desire to leverage past investments while accelerating change. Suppliers must recognise the fundamental shift in their clients’ attitudes, and help them ‘reset and reimagine’, ensuring that technology remains at the heart of the agenda.

TechMarketView is on hand to help you with these challenges and a virtual engagement or webinar with one of our expert analysts is a great way to kick off your business planning process. 

Contact to book your session. Exclusively for subscription clients and priced at £2,950 +VAT.

Posted by: HotViews Editor

Tags: webinar  

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Wednesday 30 September 2020

Datto files for IPO on NYSE

Datto logoUS-headquartered provider of cloud-based software and tech Datto, has publicly filed papers for an IPO with the US Securities and Exchange Commission (SEC). The number of shares and price range has not yet been announced, but it’s thought the total value of the IPO could be considerably higher than the placeholder offering of $100m.  

Backed by Vista Equity, Datto’s mission is to provide enterprise-grade technology for small and medium enterprises through a global network of 17,000 managed services provider (MSPs) partners, so it’s very fitting that the firm has chosen to list on the New York Stock Exchange under the ticker symbol ‘MSP’.

Founded in 2007, Datto, which merged with fellow Vista-backed acquisition Autotask in 2017 (see Autotask and Datto to merge), has been growing rapidly over recent years. Its SEC filing reveals that subscription revenue grew at 19% year-on-year in the six months to June 2020, at which point its ARR was $507m. Profitability also appears to be improving - whilst it made a net loss of $31m in 2019, in the six months to end of June 2020 net income was $10m and adjusted EBITDA $64m.

Vista clearly believes the time is now right for an IPO. Datto’s focus on the SMB market via MSPs means that it is well placed to benefit as digital transformation becomes a strategic imperative for more smaller firms, in part driven by the coronavirus crisis, and they increasingly turn to MSPs for technical expertise. According to Datto CEO Tim Weller, MSPs now manage well over 10% of the global SMB IT spend, which is $159bn and growing. 

Avid UKHotViews readers may recall that our interest in Datto began when it became the home of one of our original Little British Battlers, CentraStage, via the Autotask merger. CentraStage’s product, now known as Datto RMM (for remote monitoring and management), occupies a prime position in the Datto portfolio with over 4,000 IT service provider customers globally at last count (see LBB ‘CentraStage’ continues to prosper at Datto). As such, we will be particularly interested to follow the course of Datto’s IPO in the coming months.

Posted by: Tola Sargeant

Tags: ipo  

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Wednesday 30 September 2020

Acin looks to transform management of non-financial risks

AcinUK fintech, Acin, has successfully raised a $12m investment as it looks to further develop its innovative risk management platform. The startup’s latest funding has come via Notion Capital and was supported by Fitch Ventures, (part of the US group that is home to the eponymous credit-ratings agency).

Acin was founded in 2018 by Paul Ford, a former COO of Barclays Wealth. The company’s core offering is designed to help financial services organisations to manage operational and non-financial risk across the enterprise. The cloud-based platform, known as Terminal, uses metadata to map risks and controls so that potential exposures can be identified and benchmarked against a peer group of similar companies.

Acin plans to use its latest cash injection to augment the functionality of Terminal by adding additional risk and control inventories as well as enhanced integration options. The company also has ambitions to expand its reach beyond financial services into other industry sectors.

Non-financial risk is a challenging area for large financial institutions and the sophistication of existing controls varies widely. Understanding relevant exposures and effectively quantifying the likely risk is a challenge, however, the widespread impact of the coronavirus is a very good example of why this sort of modelling and preparation can be vital.

Posted by: Jon C Davies

Tags: RegTech   Acin  

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Wednesday 30 September 2020

IDE revenue mix altered by COVID

IDEFirst half financial data from Croydon-based cloud and IT managed services provider, IDE Group, shows revenue dropped to £12.4m (six months to end June 2020) from £14.7m in the comparable period last year. Adjusted EBITDA was £400k, down from £1.2m last year.  

The firm said that while COVID drove “significant additional business activity” around supporting mobile working for customers, this was unfortunately offset by “the majority of our customers” opting to defer projects into H1 and possibly 2021.

While IDE was able to initially save jobs through the furlough scheme, it has since had to make some of those staff members redundant. The company’s cash position looks finely balanced, and it’s possible it may have to seek additional funding if the economic situation turns out to be worse than it has forecast.

IDE has been through a reorganisation and is now split into Partner and Direct businesses. While it has clearly faced some significant challenges, the company says there’s a strong pipeline of opportunities particularly in this recently formed Partner division. As the impact of COVID continues to bite, IDE will certainly not be alone in suffering from the fallout.

Posted by: Kate Hanaghan

Tags: results  

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Wednesday 30 September 2020

1Spatial trading well through COVID

1SpatialInterim results from Cambridge-based geospatial software provider 1Spatial shows the firm trading well up to the end of July, having grown revenue 8% to £11.7m (H1 19 £10.9m). Profitability was broadly the same as this time last year with EBITDA up 1% YoY to £1.7m.

1Spatial had worked its way through a successful three-year turnaround plan before Covid struck, pivoting to SaaS that has driven an increase in its recurring revenue up 15% to £5.2m - recurring revenue now accounts for 44% of all revenue up from 42% a year ago. 

Whilst Covid did cause some delays to decision making, regionally the firm saw good growth in continental Europe up 14%, benefiting from the Geomap-Imagis acquisition from May last year (see here). The US also performed well growing 12% YoY and landing a $2.6m 5-year deal with the State of Michigan and a recent significant pilot with a major Federal Agency the US Geological Survey. In the UK, the Environment Agency chose 1Spatial to develop its new Digital Asset Data and Information system for developing digital twins of key assets and there was a second phase of the Greater London National Underground Asset Register project.

1Spatial increased its funding earlier in the year from corporate lenders to the tune of £1.8m to help it deal with COVID uncertainty and enters the second half of the year with a healthy order book providing decent revenue visibility. Assuming trading holds up management expects H2 revenue to be at a similar level to H1. Given the challenges of Covid it’s a pretty robust set of results. 

Posted by: Marc Hardwick

Tags: results   geospatial  

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Wednesday 30 September 2020

Fashionistas back PSYCHE to sail the fashion recommendation OCEAN

logoIt is said that your psychology - your personality - is the biggest factor that influences your personal style. When I say, “it is said”, what I actually mean is that Anabel Maldonado, a fashion journalist and editorial consultant, and now founder of London-based fashion recommendation start-up, PSYKHE, says so.

Maldonado has a background in neuropsychology (she studied psychology, neurobiology and behaviour at York University). In order to get your personalised fashion recommendations, you need to take a personality test based on what she calls the ‘Big 5’ traits: Openness, Conscientiousness, Extroversion, Agreeableness and Neuroticism (acronym OCEAN). Your answers are analysed by, you guessed, algorithms, and out pops your fashion recommendations. PSYKHE also lets you shop by your mood and how you want to feel.

Maldonado has raised $1.7m in seed funding for PSYKHE (and well done for getting the PR in the Financial Times Companies section!). The round was led by SLS Journey, the new investment arm of privately owned US-based fashion distributor, MadaLuxe Group, along with various fashionista investors.

PSYKHE is now in ‘live beta’ and currently only handles women’s fashions, though menswear is part of the plan.

My burning question is this: can it also work in reverse? In other words, if I tell PSYKHE what’s in my wardrobe, will it assess my personality? Maybe let’s not go there …

Posted by: Anthony Miller

Tags: funding   startup  

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