Software development company Tascomi is set to create at least 10 jobs as part of a strategy to increase its foothold in the English and Welsh markets. The jobs are being supported by a £600,000 loan from the Growth Loan Fund.
Finance for the £50m Growth Loan Fund – which provides loans to established Northern Ireland SMEs seeking to access growth finance – has been provided by Invest Northern Ireland and private investor, Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC).
Tascomi specialises in providing web based software solutions for local authorities across the UK and Ireland. Tascomi solutions are used in the electronic management of services such as public protection, building control licensing and citizen engagement.
Richard Martin, Managing Director at Tascomi, said: “Last year we expanded our business into Wales and England, securing a major contract with the Welsh Purchasing Consortium, including up to 19 local authorities in Wales. We now hold a 35 per cent share of the Welsh market. This year we would like to penetrate these markets further. The business has gone from strength to strength and we feel the time is right to add to our exceptionally talented workforce.”
Looking ahead Dr Martin said: “Canada is another market that we have been looking closely at breaking in to. We have plans to attend trade shows over there in the next quarter which we hope can help us build good contacts. We are an ambitious company with aspirations to expand into new markets. We’ll also be launching a new piece of planning solutions software later this year. With the backing of the Growth Loan Fund we are confident in taking the business into a new phase of growth.”
Jenna Mairs, Investment Manager at WhiteRock Capital Partners, said: “Tascomi is an exciting local company with plans to take its solutions around the world. Richard and his team are committed to continually developing their products and are the kind of company the Growth Loan Fund is keen to support.
“This investment will help ensure they maintain a strong foothold in the UK and Irish markets whilst continuing to grow the business.”
WhiteRock Capital Partners LLP, which is authorised and regulated by the FCA, was established in 2012 to manage the Fund and is owned by a consortium of three partners – WhiteRock Finance Limited, NEL Fund Managers and Clarendon Fund Managers.
Companies seeking funding from the Growth Loan Fund must be based in Northern Ireland, demonstrating growth and generally be in the manufacturing, engineering or tradable services sectors. Loans will be typically unsecured and personal guarantees will not be sought.
The loans provided are expected to be complementary to existing sources of finance, including banks, trade finance sources and equity investors. Loans are provided on a fully commercial basis, with monthly loan repayments required over typically a five-year term. For more information about the Growth Loan Fund’s criteria contact [email protected] or go to www.growthloanfund.com.