QUANTIQ zooms past projected target to hit £20m revenue

CEO Stuart Fenton says firm has opened its first office in Asia

QUANTIQ has reported a record turnover of £20m - overshooting its projected target by £2m, according to chief executive Stuart Fenton (pictured above).

This figure represents 27 per cent growth on 2017 revenue, with Fenton attributing this to increasing demand for the Microsoft Dynamics ERP and CRM suite from mid-market customers.

Fenton said the firm's service outgrew the rest of the business.

"Our services business grew much faster than that, offset by a reduction in software due to the migration from perpetual licences to subscription licences which are better long term, but a bit painful during the transition from license type," he said.

Last year, the firm bought the Dynamics business of Profile Enterprise Solutions. Fenton told CRN that the move was made in order to boost its recurring revenues.

"The market growth for business applications like Microsoft Dynamics continues to grow over 15 per cent, which is significantly faster than the IT market, which is experiencing roughly four per cent growth in the UK," he claimed.

"We were ahead of that curve and have consistently invested our profits into initiatives to grow faster than the market."

One such initiative included the recent opening of an office in Manila.

Though the firm has a small team of home-based employees in Malaysia, this opening marks its first office in Asia.

The chief exec said that an increasingly global customer base and the cost of supporting clients in different time zones to the UK led to its decision to open a location in the Philippines.

The Manila office is currently in the process of hiring 15 staff, a number which Fenton expects will expand throughout this year and next.

"We chose Manila based on a range of criteria including technical skills, language skills, ease of doing business, travel and FCO (Foreign Commonwealth Office) advice," he explained. "So far, our experience has proved it to be an excellent decision."

Fenton hinted that Manila may mark a year of international office openings for the firm, stating that it is examining European locations and will take a "good look" at ramping up its US ambitions.

"QUANTIQ grew from a small initial acquisition of around 50 heads and £6m revenue to the almost 200 people we have today," he said.

"Adding international locations is the logical next step given that many of our clients are global."