Synapse Information Ltd., Birmingham, UK-based business spreadsheet collaboration company, has been awarded an Innovate UK ‘Smart Grant’ of close to £250k.
The company intends to use the funds for research and development costs for “Cloud CFO”, its new technology that will enable the group finance function to automate the consolidation process at both entity and group level.
to diversify its business and grow to over 100 employees within the next five years.
Started in 2012 by serial entrepreneur Brian Donnelly, Synapse provides a cloud-based spreadsheet collaboration product that enables users from one company to work on the same doc simultaneously.
Cloud CFO will identify the relevant information from individual group entities’ financial data and automate the process to allo finance professionals to focus their time on the strategic direction of their business with available reports enabling them to make informed decisions based on real-time accurate data.
The company currently employs 20 people.
Clients include a high street bank and a leading Swedish furniture retailer.