Five-figure investment from xénos business angel helps ambitious Welsh business software company expand

An award-winning Cwmbran-based company developing cloud-based business software solutions for small and medium-sized businesses (SMEs) has secured a £75,000 equity investment from x√©nos business angel, David James.

Hudman Ltd has been selling its cloud-based Central Accounting software, which provides SMEs with accounting and financial forecasting software, since founder Paul Driscoll established the company in 2006.

The company has now used the investment to launch new versions of its cloud-based Central Accounting and Enterprise Resource Planning (ERP) software packages. It also plans to develop new versions for key industry sectors.

Hudman is now targeting its ERP package, which helps SMEs to manage key functions like purchasing, stock management and distribution, at SMEs in the manufacturing sector.

SMEs can use Hudman’s off-the-shelf software packages with no upfront costs, full-time support all for an affordable monthly payment.

The investment is not just financial, with Mr James becoming managing director of Hudman Ltd, the angel investor is providing his money alongside his experience enabling the ambitious software provider to benefit from his business management and digital marketing experience also. The company was keen to benefit from an investor’s expertise as well as an injection of capital so founder Paul Driscoll approached x√©nos manager, David Maas, who then introduced David James to the Hudman team and brokered the deal.

Mr James said: “Hudman had developed a great product which needed further investment to exploit its full potential. I have a background in digital marketing and a great deal of business experience and Hudman offered me an excellent investment opportunity.

“I’ve worked alongside Paul, Hudman’s founder since making my investment and I’m impressed by what Hudman’s range of software can offer. It’s a cost-effective accounting solution for SMEs and we’re now taking great strides forward with interest from new customers growing month on month.”

Paul Driscoll, Hudman’s founder and Commercial Director, added: “Our products are competitively priced for the SME market and with prices starting at £199 per month including full-time support, smaller businesses can now benefit from a comprehensive software package that includes features previously only available to larger businesses.

“I’m pleased x√©nos has matched us with an investor who has not only invested the capital we need to expand, but who also brings a wealth of expertise to help us expand successfully. Since David joined us we’re already seeing the commercial benefits of repackaging and relaunching our software.”

The market for cloud-based accounting systems in the UK alone is huge and Hudman’s innovative products can be adapted for international use.

Commenting on the investment, x√©nos manager David Maas said: “I’m pleased to have introduced x√©nos investor, David James to Paul and the team at Hudman. It’s an exciting business with significant future growth potential and its features-rich products are impressing the company’s SME target customer base.

“x√©nos matches ambitious businesses with investors with the right mix of capital, expertise and experience to drive forward growth and I’m pleased to see Hudman taking great strides forward with David’s financial backing and leadership. We have a growing network of angel investors keen to invest in Welsh Fintech companies like Hudman looking for growth investment.”

By lorna@3mil.co.uk 03 Mar 2016