Vectra IT, a provider of e-procurement and expense solutions today announces that it has secured a +£600,000 investment from the Stockford Group.
New Chief Executive, Neil Robertson, has also made a significant private investment in the company and will be responsible for migrating the company activity to a 100 percent channel-based business.
Stockford Group, the investment arm of Sir Peter Michael‘s group of businesses, selected Neil Robertson on account of his extensive channel development expertise. The company is looking to significantly extend its UK channel programme to help IT resellers target the mid-market with Vectra IT's inSight e-procurement and expenses software suite. Robertson is currently working with key partners and expects to launch a large scale channel recruitment drive in September.
inSight is a mature and fully proven solution with a customer base that includes The Football Association and exclusive interior designers and property developers Candy & Candy.
Chief Technology Officer and Founder, Paul Ashford, will focus on the on-going development of the flagship inSight Procurement product, and expense management solution, inSight £xpense. The company has immediately recruited staff and is expected to expand further over the next quarter.
Neil Robertson, Vectra IT CEO, comments: "Paul has achieved extraordinary success over the past nine years, but it was very clear that Vectra IT needed a lot more resource to maximise the opportunity he had created. This new investment has secured the road to expansion and we look forward to being able to continue to deliver the quality of services and solutions our customers require to develop and grow their businesses."
inSight delivers tight integration with a growing number of financial accounting solutions including Microsoft Dynamics, Sun Accounts, Coda, Sage and SAP application software, providing significant additional sales opportunities for the channel providers of these back office solutions.
Robertson adds, "The strength of the design and usability of inSight is ideal to a address the mid-market. Our new pricing model brings the solution within financial reach of the majority of mid-market organisations and is very compelling for larger organisations."