Swindon based UK IT client Appsbroker have built an impressive £20M a year (and growing) business offering highly specialised services that enable some of the countries largest businesses to transcend outdated legacy technology systems and migrate to the leading edge Google Cloud platform solutions, including BigTable, BigQuery and Extreme Cloud.
While the firm can now boast a blue chip client list, the company was started some 14 years ago by founder Mike Conner. Mike was the classic start up “one man band” consultancy with a turnover a little over £150k. Yet he had a vision and ambition to become a lot more.
Appsbroker were built on a foundation of technological know-how. Yet despite this, or possibly because of it, they recognised that when it came to managing the financial side of the business they needed to partner with someone who was Cloud based and had the knowledge and experience to support their ambitions. Acconomy were appointed to the task in 2012.
After assessing their specific requirements and with a view to setting for their future ambitions, we assisted Appsbroker in moving across to cloud based solution Xledger for significantly improved flexibility, extensibility and robustness, and facilitation of real time financial management and control. Xledger has provided a cost effective, scalable platform that has grown with the business.
With the operational basics sorted, our next major involvement was in helping to prepare Appsbroker to make a claim for the significant amount and therefore cost, of its Research & Development effort. That work resulted in the Company successfully claiming under the Government’s Research & Development Tax Credit initiative.
Attracting and retaining key staff remains a core part of Appsbroker’s business success strategy. With our help Appsbroker put in place an HMRC approved Enterprise Management Incentive (EMI) share option scheme, a well established and proven approach to ensuring a business not only attracts the best people for the job, but retains them as well.
The Directors wanted find the best balance between setting aside resources to fund further development and providing for their own and their team’s futures. We guided Appsbroker through the setting up of a Small Self Administered pension Scheme (SSAS), a pension solution that allows directors to provide for the future whilst providing a tax efficient vehicle for growing the business.
Since 2012 we’ve helped our client build a sound financial management information and reporting structure; benefit from R&D tax credits thereby allowing Appsbroker to reinvest in further research; helped put in place an key staff retention strategy that has meant they are attracting the very brightest and best; and put in place the means to provide for their personal future whilst still being able to invest in the company’s growth.
Appsbroker’s relationship with Google is the envy of many Cloud based IT startups. In a few relatively short years they have grown from a home based office to more than 100 staff across two locations. And with Google’s stated intention to “Supersize” Appsbroker as a premium partner, the next step is going to be a big one.
1. Comprehensive Analytical Review
2. Competitor Benchmarking
3. Company Valuation
4. Credit Rating
