Leeds marketing firm expands workforce by 120% following £4.8m backing
Leeds-based marketing platform is set to “rapidly scale up” after a £4.8m investment from YFM Equity Partners.
Force24 has increased its staff by 120 per cent, raising the number of employees to 93.
The firm has also increased its customer base with the addition of 100 new clients including Checktrade and Pentagon Motor Group.
CEO Adam Oldfield said: “It has been another year of strong growth for us as we continue to build on our position as one of the leaders in marketing automation in the UK.
“Having worked closely with our clients to navigate our way through the initial disruption after the first lockdown, we have proved able to support their digital transformation with the accelerated move online because of the pandemic.”
Matt Cox, finance director added: “The financial results for 2020 were in line with our expectations, showing good revenue growth of 17 per cent year on year.
“This was driven by strong new customer acquisition, up 40 per cent compared to 2019, which was especially encouraging given the significant impact of the pandemic, and a result of our ongoing focus on driving improved customer satisfaction and retention.”
Mike Clarke, partner at YFM and member of the Force24 board, commented: “With our portfolio experience of supporting the scale up of SaaS businesses, we immediately recognised Force24’s potential and knew we had the skillset to help its rapid growth trajectory.
“Already, the business is well on its way to achieving market leading SaaS metrics in customer retention and revenue growth – we expect another strong year ahead.”
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