testPlant out-performs revenue expectations and secures further funding to support expansion drive
- Posted by JB Brockman
- On January 5, 2009
- 0 Comments
Trading results secures further funding for TestPlant
After record trading in the final quarter of 2008, TestPlant has secured another round of funding from existing investor Seraphim Capital supported by both Chief Executive George Mackintosh and Chairman Jon Richards. Funds raised now total £1,500,000 since the acquisition in September 2008 of Redstone Software Inc by TestPlant Limited which is registered in the UK. TestPlant operates in Europe as TestPlant Europe and from 1 January 2009 the US business will be known as TestPlant Inc. The old Redstone operation has been fully integrated into TestPlant and the business now runs under one brand, one management structure and with one key “user interface testing” technology, eggPlant. A new office was opened in the City of London to support and develop European customers. The US office has been expanded and continues to be located in Boulder, Colorado.
eggPlant is used by many of the world’s top 25 IT and software companies and by most of the world’s top 10 defence contractors. Using a unique architecture for testing software and deploying clever image recognition technology, eggPlant offers a test solution that “sees” as the human eye sees and delivers better quality software, developed in less time and at lower cost to end users. Commenting on the funding round, George Mackintosh said: “We’ve had a really good end to 2008. We’ve proved that eggPlant can create a return on investment sometimes measured in weeks – even for smaller software development units. We secured first orders in the period from EMC, SAS and BAE Systems. Our strategy of concentrating on two major markets is working: first, Defence, Aerospace and Civil Aviation industries and second, the IT, Software, Mobile and Medical companies. Unusually – and perhaps unfashionably! – we’re fully funded for 2009 and our
customer base and strong balance sheet will support our drive to take market share from the sector giants.”
James Bruegger at Seraphim Capital, with its investment partners in London and Washington DC, added: “We are encouraged by the way the management and staff of TestPlant have responded to the new structure. Customer acquisition and retention have been excellent and this all presents a tremendous springboard into 2009. There’s solid organic growth potential for the business and we continue to look for opportunities to grow the operation by acquisition. Our latest decision to invest proves that well managed businesses with credible business models will always attract money”.