Manchester tech firm UD Software Solutions hits export trail with £300k funding

A Manchester firm that provides software for some of the biggest energy businesses in Europe has netted a £300k boost to drive its international expansion plans.

UD Software Solutions, which forms part of UD Group, secured the six-figure boost from Enterprise Ventures SME Loans and now intends to break into the US market while increasing sales in Europe.

The company works to help energy sector firms improve efficiency and increase revenues through better data management and customer service.

Founded in 2009, UD Software Solutions was originally set up as an energy broking business by its sales director, Paul Hodnett. After noting an opportunity for brokers to ramp up efficiency when working with utility suppliers, Paul developed software to automate the process and was approached by brokers interested in licensing the system for their own use.

Today, UD employs a team of 35 led by Steve Armitage, a former director of Russian energy giant Gazprom.

Enterprise Ventures SME Loans is managed by Manchester-based business loans and venture capital firm Enterprise Ventures, part of investment business Mercia Technologies PLC.

Chris Pestell, an investment director with Enterprise Ventures, said: “UD Software Solutions’ unique selling point is that its products have been developed by people who have worked in the energy industry.

“The group’s development to date has been funded by the shareholders but it is now experiencing rapid growth, and larger, international opportunities are arising.”

He continued: “This funding will allow it to invest in further product development and take on additional staff to support its growth in Holland, Belgium and Germany and prepare for its entry into the US market.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →