Save content
Have you found this content useful? Use the button above to save it to your profile.
Big Red Cloud

Big Red Cloud to float on Aim

by
19th May 2014
Save content
Have you found this content useful? Use the button above to save it to your profile.

Irish cloud accounting software firm Big Red Cloud is preparing a joint float on London Stock Exchange's Aim and Ireland's ESM market to fund its expansion into the UK market.

The firm, which developed the desktop package Big Red Book in 1993 before progressing to the cloud, is looking to raise at least £4.1m from the float on 30 May.

Charles Stanley is its broker and adviser, and the company anticipates achiving a market value of around £16m.

The software package has over 30,000 small to medium sized business and accountant users and was originally devised by Irish accounting firm Bryan Phelan Associates. 

Big Red Book chief executive Marc O' Dwyer spoke to AccountingWEB at the recent Accountex exhibition in London last week about his plans for the investment. 

O'Dwyer owns 90% of the company - with finance director Paraic Nolan owning 10% - and has been in the accounting software industry for 25 years. He came on board with Big Red Book in 2001, and aided in developing Big Red Cloud in 2008, when cloud accounting was still a minority interest.

"We really see the UK as a huge market. There are 44,000 start ups every month in the UK and 3,500 in Ireland. That's our sweet spot - we aim to give small business owners with no accounting or bookkeeping knowledge the ability to run their own books, and to provide a stress free ability to the accountants. Time is money, so our product means you don’t have to spend much time with those clients," he explained.

He added that the key metrics - including conversion rates and customer acquisition are "all very good", so the company will mainly spend the investment on marketing in the UK, bringing the product across and eventually, going global.

Tags:

Replies (0)

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.