Tech firm opens first US office
Fast-growing business intelligence and data analytics software developer Panintelligence has opened its first overseas office in Boston, USA.
The move, which follows a number of US contract wins and a year of market research and business development, will see the Yeadon-based firm have space at the Cambridge Innovation Centre’s Milk Street site in downtown Boston.
The business, which grew revenue by 40% in 2018, employs 37 staff at its head office. Initially the Boston office will serve as a base for staff seconded from the UK, and the company expects to recruit a team of four in-market by the end of 2020.
CEO Zandra Moore said: “The US has been of interest for some time, as UK clients were increasingly deploying our platform across borders with many users based in the US. After meeting with market experts from the British Consulate in Boston, and visiting the city twice and testing the water, it’s been an easy decision to invest in opening the doors of our first overseas base in Boston.
“The whole tech community there is so vibrant and exciting. With so many developers and resellers who need smart data tools, it’s a perfect region to expand into as we scale-up. The fact that there are also tech and fintech experts within DIT’s consulate there has also really helped us get early traction.”
The firm recently started its first American contract with retail app developer PCMS, which has its US base in Cincinnati, and following a year of research and networking has several further proof of concept and beta testing projects in the Greater Boston area.
Moore added: “We have been overwhelmed with the positive reaction in the US already. We’re seeing a massive advantage from the security and compliance aspects inherent in our platform as a result of coming from the highly regulated UK financial services sector.
“There are definite advantages for some UK fintech firms like us who have had to deal with the world’s strictest data compliance and regulatory environments since their first day.”
Ken Miller, CTO of Panintelligence said: “The US market is huge, the technology available there is no more advanced than here in the UK and they have a more fragmented regulatory environment that makes our ‘never moved, never copied’ data principles perfect for many applications.
“We’re really proud to be a gritty Yorkshire firm that’s competing globally, and it’s a great opportunity to show the US that there are some fantastic innovative tech firms from the north of England that have global potential.”
Founded in 2014 following an MBO led by Moore and Miller, the business was originally part of Leeds-based financial services firm Pancredit. Recently the company has announced a number of new appointments including senior board hires as the business gears up for a period of rapid growth.
