Mid-Week Tech News Roundup – August 12th to August 16th 2024
13 Aug, 20245 minutesSummize Reports Explosive Growth, Doubles Customer BaseSummize, the AI-powered contract life...
Summize Reports Explosive Growth, Doubles Customer Base
Summize, the AI-powered contract lifecycle management (CLM) platform, today announced record-breaking growth, doubling its customer base and achieving a staggering 100% increase in Annual Recurring Revenue (ARR). This rapid expansion underscores the increasing demand for innovative solutions that streamline contract workflows and reduce legal risk.
Summize’s unique approach to CLM sets it apart from traditional platforms. By seamlessly integrating contract management into everyday tools like Microsoft Outlook, Gmail, Microsoft Teams, Slack, Salesforce, and Jira, Summize empowers both legal and business teams to collaborate efficiently. Legal teams can establish standardized contract clauses and automated workflows, while sales, procurement, finance, marketing, and HR departments can handle contract-related tasks independently, without compromising security.
This decentralized model has resonated with a diverse clientele, including high-profile companies like Seat Geek, Matillion (check out our case study on how we worked with them to achieve their hiring goals), Huel, Avaloq, Revolut, and the Miami Heat. Summize has also been at the forefront of AI innovation in the industry, pioneering AI contract review for Microsoft Word and native integrations for Microsoft Teams and Slack. The company has since expanded its integration capabilities to include Gmail and Microsoft Outlook, further solidifying its position as a leader in the CLM space.
Summize CEO, Tom Dunlop, said, “Our year-on-year growth is a testament to our incredible team, product and customers who support our vision for a new approach to CLM – one that prioritizes the user experience, and the way modern companies operate today. Summize makes it simple for legal teams to automate and use AI in their contract workflows and build a CLM process the rest of the business loves to use.”
Surrey-Based Data Centre Firm Soars 250%
Mercury Power, a leading data centre services provider with a strong presence in Surrey and Burnley, has announced a remarkable 250% growth in its 2023/24 financial year. The company’s success is attributed to securing over 200 new orders.
To accommodate its rapid expansion, Mercury Power will be relocating its headquarters to larger premises in Southampton next month. This strategic move will provide the necessary space to support future growth and talent acquisition.
The company is currently hiring for 12 new positions to meet the increasing demands of its expanding operations.
Finance director Simon Elliott had this to say on the news: "Our rapid growth is the accumulation of ten years' hard work establishing and growing the business with repeat customers, blue chips, recommendations, people who want to work with us due to the value we add, our can-do attitude, and finding solutions."
Liverpool Travel Tech Start-up Marks Third Birthday with £1 Million Revenue Milestone
Digital travel technology (traveltech) start-up digitaltravel.io is celebrating a triumphant third birthday, achieving a significant financial milestone. The company has quadrupled its revenue since launch, surpassing the £1 million mark in annual revenue for its third year, a remarkable feat considering its first year brought in £250,000.
Founded in 2021, amidst the ongoing challenges of the COVID-19 pandemic, digitaltravel.io has demonstrated impressive resilience. This success story began with the merger of two key players: Peter Whittle's CruiseAppy, a mobile app platform for the cruise industry, and Peter Aland's iprogress, a web design and development agency. This strategic union resulted in a powerful, integrated solution – a bespoke app and website platform with advanced customer engagement features. Fuelled by world-class travel data and content, digitaltravel.io's platform has become a choice for a growing legion of cruise lines and travel agents worldwide.
Beyond the impressive revenue growth, digitaltravel.io boasts a series of accomplishments in its young life. The company has achieved impressive organic growth, bootstrapping its expansion from a team of five to a current workforce of 14. This team caters to a global clientele, with 67 clients – a staggering 59% of which hail from overseas markets. To accommodate this success, the company has announced plans to double its office space within Liverpool's Cotton Exchange.
Digitaltravel.io's story serves as a testament to the power of innovation and adaptability, even in challenging times. With a focus on delivering exceptional digital solutions for the travel and tourism industry, the company is well-positioned for continued success in the years to come.
Abercrombie & Kent Secures £400 Million for Digital Overhaul and Expansion
Luxury travel company Abercrombie & Kent Travel Group (AKTG) has announced a significant investment in its future, securing nearly £400 million in financing from Citi. The funds will be used to bolster the company’s digital capabilities and expand its global footprint.
AKTG plans to streamline its operations and enhance the customer experience through a comprehensive digital transformation. This includes developing a new global website, a centralized booking system, and a dedicated travel advisor portal, all supported by a custom-built CRM platform. Additionally, the company will invest in upgrading its back-office systems to improve efficiency and scalability.
Beyond digital advancements, AKTG aims to expand its physical presence by acquiring new destination management companies and properties such as camps, lodges, and riverboats. This growth strategy will strengthen the company’s position in existing markets and open doors to new opportunities.
With 56 offices in 34 countries, AKTG is well-positioned to capitalize on this investment and solidify its leadership in the luxury travel sector.
Entrepreneurs Bolster IT Platform with Acquisition, Backed by TDC
A pair of entrepreneurs have expanded their growing IT and managed services platform through the acquisition of a South Manchester-based company. The deal was facilitated by financial support from private credit firm TDC.
Alex Heslip and Chris Earle, who previously co-founded Verastar, have been actively building their own managed services business since 2021. Partnering with Greater Manchester's Independence Capital, they've executed a buy-and-build strategy.
Their latest acquisition, Cheadle-based Novem, specialises in IT support for businesses with 20 to 250 employees. Novem's expertise in outsourced IT services and its status as a Microsoft partner align closely with the group's expansion goals.
To fund this acquisition, the entrepreneurs secured a refinancing package from TDC, including a credit facility and an equity investment. TDC's Impact Fund, dedicated to supporting Northern SMEs, played a key role in the deal.
Alex Heslip, group chief executive of the TDC-backed buy and build platform, said: "The acquisition of Novem is an exciting next step for our group as we continue to grow the platform. It is a highly prized asset, with key additional service capabilities to augment our own and strong organic growth potential, while also reaffirming our commitment to the North West.
"Perhaps though, most exciting is that we’re pleased to welcome Rhys Watson and Mike Ryan to our leadership team, and becoming investors too. We recognise the value they can bring to the growing group and we’re excited to be calling on them as business partners as we plan for sustained organic growth and expansion of our overall proposition. This will allow us to become a group that genuinely leads as experts in the needs of SME customers."
Kalibrate Strengthens Team with Industry Veteran
Kalibrate, a rapidly expanding provider of data-driven solutions for location intelligence and pricing optimization, has appointed Brian McDonald as Senior Director of Account Management. With over two decades of experience in the retail and restaurant industry, McDonald brings a wealth of knowledge and strategic thinking to Kalibrate's core team.
He joins Kalibrate from Evergreen Restaurant Group, one of the largest franchisees of Bloomin Brands, where he held a pivotal role. His previous experience with industry leaders such as Rite Aid and Bloomin Brands has equipped him with a deep understanding of complex business challenges and opportunities within the retail and restaurant sectors.
In his new role, McDonald will play a crucial part in delivering exceptional value to Kalibrate's clients by leveraging his industry insights and expertise. His strategic thinking and client-focused approach will be instrumental in driving growth and success for the company.
Seeking tech knowledge? Dive into our comprehensive resources or grab quick insights on LinkedIn. Empower your IT and engineering career with the latest trends.
Summize, the AI-powered contract lifecycle management (CLM) platform, today announced record-breaking growth, doubling its customer base and achieving a staggering 100% increase in Annual Recurring Revenue (ARR). This rapid expansion underscores the increasing demand for innovative solutions that streamline contract workflows and reduce legal risk.
Summize’s unique approach to CLM sets it apart from traditional platforms. By seamlessly integrating contract management into everyday tools like Microsoft Outlook, Gmail, Microsoft Teams, Slack, Salesforce, and Jira, Summize empowers both legal and business teams to collaborate efficiently. Legal teams can establish standardized contract clauses and automated workflows, while sales, procurement, finance, marketing, and HR departments can handle contract-related tasks independently, without compromising security.
This decentralized model has resonated with a diverse clientele, including high-profile companies like Seat Geek, Matillion (check out our case study on how we worked with them to achieve their hiring goals), Huel, Avaloq, Revolut, and the Miami Heat. Summize has also been at the forefront of AI innovation in the industry, pioneering AI contract review for Microsoft Word and native integrations for Microsoft Teams and Slack. The company has since expanded its integration capabilities to include Gmail and Microsoft Outlook, further solidifying its position as a leader in the CLM space.
Summize CEO, Tom Dunlop, said, “Our year-on-year growth is a testament to our incredible team, product and customers who support our vision for a new approach to CLM – one that prioritizes the user experience, and the way modern companies operate today. Summize makes it simple for legal teams to automate and use AI in their contract workflows and build a CLM process the rest of the business loves to use.”
Surrey-Based Data Centre Firm Soars 250%
Mercury Power, a leading data centre services provider with a strong presence in Surrey and Burnley, has announced a remarkable 250% growth in its 2023/24 financial year. The company’s success is attributed to securing over 200 new orders.
To accommodate its rapid expansion, Mercury Power will be relocating its headquarters to larger premises in Southampton next month. This strategic move will provide the necessary space to support future growth and talent acquisition.
The company is currently hiring for 12 new positions to meet the increasing demands of its expanding operations.
Finance director Simon Elliott had this to say on the news: "Our rapid growth is the accumulation of ten years' hard work establishing and growing the business with repeat customers, blue chips, recommendations, people who want to work with us due to the value we add, our can-do attitude, and finding solutions."
Liverpool Travel Tech Start-up Marks Third Birthday with £1 Million Revenue Milestone
Digital travel technology (traveltech) start-up digitaltravel.io is celebrating a triumphant third birthday, achieving a significant financial milestone. The company has quadrupled its revenue since launch, surpassing the £1 million mark in annual revenue for its third year, a remarkable feat considering its first year brought in £250,000.
Founded in 2021, amidst the ongoing challenges of the COVID-19 pandemic, digitaltravel.io has demonstrated impressive resilience. This success story began with the merger of two key players: Peter Whittle's CruiseAppy, a mobile app platform for the cruise industry, and Peter Aland's iprogress, a web design and development agency. This strategic union resulted in a powerful, integrated solution – a bespoke app and website platform with advanced customer engagement features. Fuelled by world-class travel data and content, digitaltravel.io's platform has become a choice for a growing legion of cruise lines and travel agents worldwide.
Beyond the impressive revenue growth, digitaltravel.io boasts a series of accomplishments in its young life. The company has achieved impressive organic growth, bootstrapping its expansion from a team of five to a current workforce of 14. This team caters to a global clientele, with 67 clients – a staggering 59% of which hail from overseas markets. To accommodate this success, the company has announced plans to double its office space within Liverpool's Cotton Exchange.
Digitaltravel.io's story serves as a testament to the power of innovation and adaptability, even in challenging times. With a focus on delivering exceptional digital solutions for the travel and tourism industry, the company is well-positioned for continued success in the years to come.
Abercrombie & Kent Secures £400 Million for Digital Overhaul and Expansion
Luxury travel company Abercrombie & Kent Travel Group (AKTG) has announced a significant investment in its future, securing nearly £400 million in financing from Citi. The funds will be used to bolster the company’s digital capabilities and expand its global footprint.
AKTG plans to streamline its operations and enhance the customer experience through a comprehensive digital transformation. This includes developing a new global website, a centralized booking system, and a dedicated travel advisor portal, all supported by a custom-built CRM platform. Additionally, the company will invest in upgrading its back-office systems to improve efficiency and scalability.
Beyond digital advancements, AKTG aims to expand its physical presence by acquiring new destination management companies and properties such as camps, lodges, and riverboats. This growth strategy will strengthen the company’s position in existing markets and open doors to new opportunities.
With 56 offices in 34 countries, AKTG is well-positioned to capitalize on this investment and solidify its leadership in the luxury travel sector.
Entrepreneurs Bolster IT Platform with Acquisition, Backed by TDC
A pair of entrepreneurs have expanded their growing IT and managed services platform through the acquisition of a South Manchester-based company. The deal was facilitated by financial support from private credit firm TDC.
Alex Heslip and Chris Earle, who previously co-founded Verastar, have been actively building their own managed services business since 2021. Partnering with Greater Manchester's Independence Capital, they've executed a buy-and-build strategy.
Their latest acquisition, Cheadle-based Novem, specialises in IT support for businesses with 20 to 250 employees. Novem's expertise in outsourced IT services and its status as a Microsoft partner align closely with the group's expansion goals.
To fund this acquisition, the entrepreneurs secured a refinancing package from TDC, including a credit facility and an equity investment. TDC's Impact Fund, dedicated to supporting Northern SMEs, played a key role in the deal.
Alex Heslip, group chief executive of the TDC-backed buy and build platform, said: "The acquisition of Novem is an exciting next step for our group as we continue to grow the platform. It is a highly prized asset, with key additional service capabilities to augment our own and strong organic growth potential, while also reaffirming our commitment to the North West.
"Perhaps though, most exciting is that we’re pleased to welcome Rhys Watson and Mike Ryan to our leadership team, and becoming investors too. We recognise the value they can bring to the growing group and we’re excited to be calling on them as business partners as we plan for sustained organic growth and expansion of our overall proposition. This will allow us to become a group that genuinely leads as experts in the needs of SME customers."
Kalibrate Strengthens Team with Industry Veteran
Kalibrate, a rapidly expanding provider of data-driven solutions for location intelligence and pricing optimization, has appointed Brian McDonald as Senior Director of Account Management. With over two decades of experience in the retail and restaurant industry, McDonald brings a wealth of knowledge and strategic thinking to Kalibrate's core team.
He joins Kalibrate from Evergreen Restaurant Group, one of the largest franchisees of Bloomin Brands, where he held a pivotal role. His previous experience with industry leaders such as Rite Aid and Bloomin Brands has equipped him with a deep understanding of complex business challenges and opportunities within the retail and restaurant sectors.
In his new role, McDonald will play a crucial part in delivering exceptional value to Kalibrate's clients by leveraging his industry insights and expertise. His strategic thinking and client-focused approach will be instrumental in driving growth and success for the company.
Seeking tech knowledge? Dive into our comprehensive resources or grab quick insights on LinkedIn. Empower your IT and engineering career with the latest trends.
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