Numbers add up for revolutionary software firm

06th December 2006

A new company set to revolutionise the way businesses predict cashflow has received backing of over half a million pounds from Merseyside Special Investment Fund (MSIF), the Northwest Regional Development Agency (NWDA) and Business Liverpool.

Rugged Logic has relocated to Liverpool from London. The company provides a unique, custom built spreadsheet system that is designed to improve the way financial forecasts are put together in Excel.

Now, businesses of all sizes, from pubs and flower shops through to large multi-nationals will be able to produce financial forecasts using the flexibility and familiarity of Excel but with the added robustness offered by Rugged Logic and its partner Cashflow Wizard.

The software can be bought and used over the internet and it is fully accredited by the Institute of Chartered Accountants.

Nick Bowles is the managing director of Rugged Logic; Geoff Bristow is the executive chairman and Marco Borria is the product development manager.

Nick Bowles said: “This investment has allowed us to take the development of our business to the next level. We offer a unique and versatile Excel product that improves the accuracy of forecasts and reduces the chances of error. Rugged Logic has proved to be a genuine help to a huge variety of businesses. Rugged Logic has the potential to become a world leader in its field, and backing from MSIF has enabled us to get closer to fulfilling that potential.”

Already, the product has attracted buy-out interest from major financial companies around the world.

Rugged Logic has moved into offices in Liverpool’s Vanilla Factory after receiving £400,000 from MSIF’s Venture Fund, £150,000 from the Liverpool Seed Fund and £75,000 made up of SFI ( Selective Finance for Investment) through the NWDA and Financial Assistance for Business from Business Liverpool.

Venture Fund investment director Mark Borzomato said: “Rugged Logic has global potential to change the way businesses make their financial forecasts. We were delighted to offer this backing to a business that combines a truly innovative and excellent product with an experienced and dedicated team.”

Mark Hughes, Executive Director for Enterprise, Innovation and Skills at the NWDA said: “The investment by Rugged Logic shows a real partnership approach to attracting investment into the region. By working together with our partners we have secured a revolutionary, high quality, highly skilled investment to the region.”

Mike Taylor, chief executive of Business Liverpool said: “The company is relocating to Liverpool with assistance from Business Liverpool and we are delighted they have chosen the city as their preferred choice for the launch of their exciting product.”

Management expect to create around nine new jobs over the next six months and predict a multi-million pound turnover over the next three years.

Ends

Back to Liverpool Seed Fund News and Deals

Back to Venture Fund News and Deals

Back to News and Deals

Picture Shows ( L-R) Mark Borzomato, MSIF, Peter Spear, Business Liverpool, Nick Bowles, Rugged Logic, Nigel Jones, NWDA and John Cunliffe, NWDA.

Back to Liverpool Seed Fund News and Deals

Back to Venture Fund News and Deals

Back to News and Deals