Fast-growing, Knutsford based IT start-up company, Matillion, has announced that it is on target to achieve revenues of £1million in 2015. The company is experiencing high demand for its innovative cloud-based Business Intelligence (BI) software including in the North West, where around 25% of its customers are based.Matthew Scullion
Mid-size companies like Character World in Cheadle, toy manufacturer Sambro in Bury, Zebra Finance in Stoke, as well as larger firms like Real Good Food Company PLC in Liverpool are all local users of Matillion’s software-as-a-service technolgy. The company is now set on international growth plans, with 10 % of revenues already from customers overseas and expectations that exports will represent 25% of the business next year.
Matillion was set up in 2011 by entrepreneur Matthew Scullion, who saw an opportunity to deliver cloud-based software specialising in the area of Business Intelligence, analytics and ‘big data’. The company developed ‘Matillion BI’ to change the market, by offering enterprise class business intelligence and analytics, but without the large price tags and long, failure prone projects traditionally associated with this field. This is giving mid-size businesses tools to compete on a level playing field and increasingly offer a tactical or more agile option in corporate customers.
Matthew commented: “We identified a gap in the market and spent the first nine months getting our product ready, winning our first customer in September 2011. Since then, we have seen significant and growing demand with at least 50% year-on-year growth. We’re on track to achieve revenues of £1million in 2015. International expansion is part of this plan, with targets of 25% of revenue to be derived from growth abroad. We’ve got a proven market out there already, with several live export clients and about 60% of our sales leads coming in from the US.”
Matillion’s “software-as-a-service” solution gives customers tools to analyse areas such as sales, pricing, finance, supply chain, manufacturing and operations. Crucially, the product can be fully implemented in as little as four-to-six weeks, in contrast to the 12-24 months that is the industry norm. According to Gartner (the Boston based IT analyst), Business Intelligence projects have a failure rate of up to 70%, which is part of the reason why Matillion is prospering. Offering a lower risk, faster to implement alternative, that still delivers the reporting companies need (part of the reason they boast virtually 0% customer attrition).
Scullion continues: “The time was ripe to shake up the market. Businesses of all sizes want to make decisions based on facts and our BI solutions give them this one version of the truth. We’re focused on speed and simplicity which is resonating strongly with businesses and we are gaining extremely positive feedback.”
Having achieved success in the core markets of manufacturing and wholesale distribution, the next step for the company is to expand into new areas. Retail has been identified as one of the next up-and-coming areas, as Matillion’s existing clients already sell into this sector. Working with customers like Lenstec (who make the spectacles, lenses and contact lenses for, amongst others, Asda’s in-store opticians) and Walkers Shortbread (who along with their own products, manufacturer many own-brand products for the supermarkets), has helped Matillion shape an offering specifically for the retailer’s needs. In the last 12 months the company has also started working with insurance companies and some niche areas of financial services. In addition, the company will be expanding its international reach as part of its strategic goal to achieve 25% of its revenues from global markets. Finally, product innovation is firmly on the company’s agenda.
Scullion concludes: “Technology innovation is what really excites the team here in Knutsford. We’re already into proof of concepts around a new solution, which retains our focus on speed and ease of use for customer advantage. If all goes to plan, we’re hoping to bring this to market early 2015 which will help to accelerate our growth plans even further.”