Northern Powerhouse Investment Fund Completes first £2M investment into Fast-Growing IT Firm
One of the North’s fastest growing small tech firms has received £2.0million funding from NPIF – Mercia Equity Finance, part of the Northern Powerhouse Investment Fund, to allow it to continue its rapid growth.
This significant investment marks the single largest investment to date since the Northern Powerhouse Investment Fund was launched in February last year.
Sheffield based Azzure IT helps organisations throughout the UK, ranging from SME’s to larger not for profit enterprises, to transform productivity and enhance growth by implementing the next generation of smart business applications in the form of Microsoft Dynamics solutions.
The funding will enable Azzure to strengthen its management team, recruit additional implementation consultants and expand sales and marketing operations. Overall this will create around 12 new jobs over the year ahead.
Founded in 2011, by Craig and Sharon Such, Azzure IT has achieved significant growth over the years and now employs 57 people. The company’s growth and commitment to excellence has resulted in multiple industry awards and accreditations. Azzure IT was one of the first UK software vendors to achieve the ISO 9001:2015 quality accreditation and is ranked 29th in the Northern Tech 100 league.
The company has also been listed in the Deloitte Tech Fast500 EMEA over the past three years and was recently recognised in the Financial Times 1000 list of the fastest growing companies in Europe, coming in at 200th place.
Will Clark, Joint Fund Manager of NPIF – Mercia Equity Finance, said: “Azzure IT’s success is due to its focus on service, quality and the ability to deliver real-world solutions to meet its clients’ challenges. Founded in the last economic downturn, the company itself used technology to take on emerging market challenges and to thrive and grow. Its goal is to support other growing businesses to achieve digital transformation. The funding will allow the business to scale up to meet growing demand and create 12 new jobs in Yorkshire.”
Ken Cooper, Managing Director at British Business Bank, said: “Providing investment for innovative, high-growth companies such as Azzure, is what we set out to achieve when we launched the Northern Powerhouse Investment Fund last year. This deal, which is the largest to date, highlights the range of support provided by our fund managers and demonstrates the existence of potentially world beating companies in Sheffield. The fund will be supporting many other similar opportunities across the Northern Powerhouse region.”
Neil MacDonald of the Sheffield City Region Local Enterprise Partnership said: “This sort of project is exactly why we’ve invested in NPIF and the British Business Bank. This is all part of our wider package of funding to support business across the Sheffield City Region. The ‘let’s get it done’ work-ethic in Sheffield City Region harnesses drive and ambition. With everyone pulling together, and a significant sense of community, we are achieving transformation and building a thriving economy. This is helping to attract, retain and develop skills in the region which are so important for the SCR’s sustainable growth.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.