Software firm sets sights on America
A fast-growing software business is set for expansion into America after it secured £4 million of funding.
It comes after Synety, in Phoenix Square, Leicester, announced a takeover of a London energy firm in a deal worth more than £1 million.
Mark Seemann, Synety's chief executive, said the deal gave it access to Zenergy Power's £4 million funds, which had been put into the business to develop a new superconductor, but which failed to take off.
"This is a fund-raising exercise, nothing else," he said.
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If approved by shareholders of stock market-listed Zenergy, the combined business will be known as Synety Group and be listed on the Alternative Investment Market.
Mr Seemann, who set up Synety in February, said the £4 million would be used to open an office in San Francisco. It would also fund further development of its specialist software, which allows businesses to record and log telephone conversations quickly, saving users time and money.
In April, Mr Seemann, who lives in Sutton Cheney and was brought up in Market Bosworth, said he aimed to turn Synety into an eight-figure business within three years. He sold his last two businesses for seven-figure sums.
He said Synety had just signed a deal with a US software company which has 100,000 customers worldwide. He was unable to provide any more details yesterday.
This gives his aim of growing its customer base from around 100 to several thousand by the end of 2014 a major boost. He also has plans to open offices on the US east coast and the Asia-Pacific area.
The firm is looking to double staff numbers in the city to 45 by the end of next year, with a worldwide workforce of up to 150. "The deal solves the issues of funding a rapidly expanding business, as well as being a start-up business, because by being a publicly-quoted company it gives companies more confidence as our accounts are publicly accessible," said Mr Seemann.
He said he was confident the majority of Zenergy shareholders will approve this deal, which has been structured as a so-called 'reverse takeover'.
Synety's chairman Graham Ward, a former managing director of Vodafone Corporate, will become a non-executive director in the combined group. Mr Seemann, Mr Ward and technical chief Jason Kendall are Synety shareholders.
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