Middlesbrough software firm receive £1m funding for growth

Middlesbrough based software provider Datum360, has received £1m in funding to break into new markets.

£450,000 of funding from the Finance for Business North East Technology Fund (NETF) has been supplemented by a further £50,000 from Northern IT Research Fund (NIRF); both managed by IP Group plc.

The provider of software solutions and services to the oil and gas industry, for specification, capture and management of engineering information for capital intensive projects, will now accelerate growth plans.

Steve Wilson, chief executive of Datum360 said, “This new funding will allow us to bring forward our expansion into North America and South East Asia, while continuing to enhance and extend the capabilities of PIM360 and CLS360, our Software as a Service offerings”

Nick Edgar, investment manager at IP Group, said: “The last twelve months were extremely strong for Datum360, giving them an excellent platform for further growth in 2013.”

During the last 12 months, Datum360 gained new clients such as Total E&P Norge, Tullow Oil and JX Nippon and won notable additional projects from BP, Maersk, ConocoPhillips, Woodside and GDF Suez.

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