AN Edinburgh-based technology developer is poised to create 15 new jobs after securing a multi-million-pound funding package from the Scottish National Investment Bank.
Forrit declared the £5 million of backing from the public institution would help it expand in Scotland and move into markets outside its homeland. It is the first time the company, which was established in 2014, has received external institutional funding.
Forrit is a developer of content management software (CMS). It is used by “globally renowned” businesses to enhance customer experience, improve levels of online security, and enable efficient management of cloud-based web estates for enterprise clients. In addition to creating further jobs, the backing from the SNIB will be deployed to strengthen the firm’s relationship with Microsoft as a preferred solution and trusted Microsoft partner.
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Peter Proud, chief executive of Forrit, said: “We’ve experienced enormous growth as a company since we launched almost a decade ago – building a brilliant team who have in turn created an extremely strong product.
“While to date we have self-funded our growth through client engagements, as we take Forrit to the next level, now felt like the right time for us to seek external institutional funding. This investment from the Scottish National Investment Bank will help us to expand our presence not only in Scotland but also to expand into new markets across the UK and beyond. “
He added: “We are incredibly proud of our Scottish roots, so working with another Scottish organisation was extremely important as both parties are focused on benefitting Scotland.
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"We have ambitious plans and only want to add to the success of the Scottish tech ecosystem. We hope to continue to add to this both as a provider of an exemplary content management system, but also as an employer. Thanks to the bank’s investment, we look forward to growing that even further as we scale up both the company and our product.”
The deal with Forrit takes to nearly £100m (£97.1m) the total amount of investment made by the development bank since it opened its doors in November 2020. SNIB was established by Scottish ministers with a £2 billion war chest to invest in companies engaged in several key missions: supporting Scotland’s transition to net zero, building communities and promoting equality, and harnessing innovation to enable people to flourish.
Jimmy Williamson, executive director of innovation at SNIB, said: "The bank’s investment will support Forrit as they look to reach the next stage of their development.
“Our investment will enable Forrit to create new, high value technology development jobs, futureproofing skills in Scotland’s tech ecosystem and supporting plans to export their differentiated proposition to enterprise clients globally.
“Forrit’s CMS system technology has a strong alignment with our innovation mission and we look forward to working with them to deliver their ambitious growth plans.”
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