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Revenue set to rise 160% at hedgehog lab following seven figure contract

Newcastle software company hedgehog lab is expecting to record its strongest year to date after the company secured its first ever seven figure contract.

The project, worth £1.1m per year for at least two consecutive years, saw the firm build Android and iOS platforms for Hong Kong-based fintech retail customer, Central Wealth Financial Group.

The company provides an online marketplace based on a bespoke cryptocurrency derived from Bitcoin, through which it connects merchants and business customers, primarily in the wholesale market.

Such is the significance of the deal for hedgehog lab, revenues are now expected to up at least 160% on last year for the business, which CEO Sarat Pediredla describes as a ‘step-change’ for the business.

He explained: “We are now playing in the big league, effectively competing with companies such as IBM and Accenture.

“That means we can continue to invest in our expertise and resources, helping us move our organisation into the next level.

The company, which also has offices in London, Boston, Austin and India, was given six weeks or so to turn the project around, as Alan Morris, hedgehog lab’s Technical Director, explains.

“The team showed amazing dedication and technical expertise, often working beyond their normal hours to ensure the deadline was met,” said Alan. “This allowed us to gain the trust of an international client.”

Established in 2010 as a ‘post-PC’ digital consultancy, hedgehog lab focuses on apps for devices like smartphones, tablets and wearables.

A measure of the firm’s continued success, founders Sarat Pediredla and Mark Forster have earned a place on the Tech 100, a new initiative from the Great British Entrepreneur Awards that acknowledges those driving forward technology.

The recognition follows nine months of growth at the app developer, in which headcount rose from 30 to 83.

Mr Pediredla added: “This list covers the entirety of Britain and, as you might imagine, includes a majority of names from companies based in London.

“So for a North East business to make it on there is, I think, a real privilege; clearly this is a direct result of the incredible year we’ve had.

“I’d like to pay tribute to our ever-expanding team for the talent, creativity and sheer hard work that has got us to where we are.”