iplicit, a finance system for the UK and Ireland mid-market, has opened a new office in Newcastle as it looks to take on legacy vendors such as Sage.
The firm, which provides an AI-powered cloud-native finance system, has grown rapidly since market launch in 2019, now serving over 50,000 daily users across 103 countries.
With new customer acquisition up by over 100% in the past 18 months, iplicit is expanding its commercial team with the creation of new sales roles and the opening of a second physical base in Newcastle, a growing technology talent hub that will give the company a direct pipeline of skilled talent to further strengthen its market leadership.
“iplicit entered the market eight years ago to fill a gap left open by legacy providers like Sage, which had got too comfortable neglecting and not investing in their mid-market customers. Today, we have become a dominant force in it,” said Lyndon Stickley, CEO.
“Customers are choosing us over alternative providers because our tech, our team and our partners are the best in the market. We have recruited over 40 members of staff directly from the legacy vendors in the UK, with almost 30 coming from Sage; we expect many more to follow in the coming years.
“Newcastle provides us with a direct line into some of the most experienced finance software resources in the country, across sales, marketing, services and support.”
iplicit has now delivered seven consecutive years averaging over 100% year-on-year revenue growth since market launch and is targeting unicorn status – $100m annual recurring revenue and $1billion valuation – by 2031.
iplicit operates a remote-first model and has grown its team to over 230 people, with around 90% of its people distributed across the UK and almost 80% based outside London and the Southeast.
With an existing office in Bournemouth, the firm has seen its southern team benefit from the option to work on a hybrid basis and will now extend the same option to its growing northern sales and commercial team.
“As our headcount grows, we stay just as committed to giving people access to the best possible working arrangements,” added Olivia McMillan, COO of iplicit. “It’s why we want our growing northern team to have the same choice our Bournemouth team already has: work from home, or come together in an office, whichever enables them to be their best.”
Stickley added: “Right now, our sole focus is extending our dominance in the UK and Ireland.
“Our growth, our technology and now this Newcastle office are exactly what we need to strengthen our position as market leader here and build more raving fans up and down the country.
“US and international expansion will be next, and it begins once we have fully conquered this market.”