MARKETING company Digitonic is set to double its revenues to £16 million after a record 2020, while also having increased its workforce by 50 per cent with further expansion in the pipeline.

The Scottish firm is celebrating its 10th anniversary, as it upped the headcount in its Glasgow base to 45, with more hires planned.

With over 95% clients based in North America, it hailed a US office subsidiary established in 2020, with a Canada office opening planned in 2022.

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It also acquired a markets business during 2020 and is considering further growth by acquisition. Grant Fraser, Digitonic chief executive, said he is also considering stock market flotation.

The company also expects to report double digit percentage growth in profitability for the full year, it said.

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Founded and led by Mr Fraser and managing director of technology Iain Wilcox, the firm said it has a growing number of clients in Vancouver and Toronto, and the North American offices will support Digitonic’s headquarters in Glasgow, and its UK satellite office in London.

Digitonic also said it acquired the stock market review site for retail investors called ValueTheMarkets in 2020, an acquisition “that has helped to drive further client wins and the company is not ruling out further growth by acquisition over the next 12-18 months”.

Mr Fraser said: “Last March and April were really challenging months for the business and our revenue streams were impacted quite severely at the time, so to rebound in the way that we have since is testament to the hard work of our entire team and the quality of our products and services.

“We like being based in Scotland and we’ve proven that we can export our technology expertise to the US and Canada to great effect.”

Pointing to the financial support the company received from Scottish Enterprise during the first few months of the pandemic via its Pivotal Enterprise Fund, Mr Fraser also said: “We had phenomenal support from Scottish Enterprise, we can’t speak highly enough of them, and it was encouraging to see them back a fast-growing Scottish company that is truly internationalising and focused on a specific international market.”