An IT company based at the Innovation Birmingham Campus has been awarded almost £250,000 from Innovate UK to diversify its business and increase its workforce five-fold over the next five years.

Synapse Information, which provides cloud-based spreadsheet services, was formed in 2012 by Brian Donnelly.

It currently employs 20 staff and was awarded £248,691 to support the research and development costs for Cloud CFO, its new product for finance professionals.

Donnelly said: “Our existing spreadsheet collaboration product enables an unlimited number of users from one company to work on the same spreadsheet simultaneously, while always providing one version of the truth.

“The new technology that this Innovate UK Smart Grant will enable us to develop is for the group corporate finance team and the heads of finance from each entity. Rather than the consolidation of group finances being such a painstaking task at the end of each month, Cloud CFO will identify the relevant information from individual group entities’ financial data and automate the process.”

Cloud CFO is being developed by Synapse’s team of software engineers and finance and operations manager Tineke Booth, who joined the business from KPMG.

Published:  MIDLANDS NEWS / 02 JUN 2015