Proxama’s innovative software tools tap into our growing dependence on mobile devices and it works with clients that include banks and well known consumer brands to enable their customers to use their mobile phone to pay for goods, collect coupons and loyalty points and engage with branded content. It was a winner of the Cambridge Wireless Discovering Start-Ups competition in December 2011 and has an impressive blue chip client base for NFC technology.
Proxama turned to Numitas to help the business with several key areas. “Long term funding for growth and international expansion (are the biggest challenges facing businesses)”, explains Neil Garner, CEO, “and an experienced FD is ideally placed to help meet these challenges.”
The Engagement
Chris Chapman, Managing Partner of Numitas, has been a member of the board at Proxama and during that period he advised them on a whole range of financial issues including helping to raise equity investment, how to benefit from R&D tax credits, grant funding and readiness for the AIM listing process.
Outcomes
The success of the business culminated in a successful £30m float executed via a reverse takeover of London cash shell Longships.
Recognising the value an experienced FD can bring to a business Garner explains why the role goes far beyond the numbers, with a good FD evolving into a lynchpin of any business. “The role of an FD is broader and more rounded than just finance. They need to understand all the day-to-day numerical requirements for a business and they have to be flexible and open minded on how to grow a business. It is not just about profitability”, he explains.
Two key benefits of working with an experienced Finance Director are that you will be guided on how to grow your business and to achieve the maximum value for it when you come to sell or float it.
To enable any company to realize its ambitions for the future, continued advice from an expert Finance Director will be critical, after all, as Garner points out: “If you can’t manage your finances you can’t manage your business”.
“We appointed a Finance Director too late. The optimum time for the appointment is in the first year but by that I mean you should appoint a part time Finance Director not a full time member of staff”, he admits.
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Scintacor (formerly Applied Scintillation Technologies) is a successful British company and the world leader in phosphor and scintillation technology, which allows the conversion of different radiations into light for imaging and detection. The growing demand for their expertise meant that Scintacor decided it was time to look for further investment into the business, which is where Numitas was able to help.
GeoSpock is an extreme-scale spatial big data platform company that provides analytics, visualisation and builds insight for four main verticals: location based mobile advertising, telecommunications, connected cars, and smart cities.
AIM-listed Ubisense was founded in 2002 and is a high growth, Cambridge-based technology firm. Its highly specialist expertise serves 500 customers in 50 countries with enterprise location intelligence products and solutions that help them with their high value manufacturing operations.
For example, its work with automotive firms BMW and Aston Martin and with aerospace giant Airbus, enables specific components and tooling to be located and supplied automatically to a manufacturing location, using state of the art, ultra-wideband radio technology.
Our client is a SaaS business delivering real time data and information to the NHS and helping to manage patient footfall through its mobile app. The company currently turns over £2m and employs some 35 people onshore UK with an outsourced development centre in India.
i-graduate surveys international student opinion about different universities, then tracks and benchmarks the data, delivering comparative insight to the education sector worldwide, in order to help institutions deliver a world class student experience to enhance competitive advantage.
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