Computer Application Services, which trades as Workpro, has secured an additional £500,000 equity investment from existing sources and new investors.
The Edinburgh-based firm, a spin-out from Heriot-Watt University, has enjoyed a year of organic growth which has seen revenues rise by 20%.
The new investment has come from Capital for Colleagues, a quoted company focused on advising, investing in and supporting the growth of businesses that are or want to become employee owned, as well as two new private investors.
Ken Naismith, chief executive, said: “While CAS and Workpro are obviously good horses for investors to back, we do not take for granted the terrific support that has been made available to us when so many businesses are worried about the future.”
New opportunities are arising for Workpro and CAS as the workload of HR departments – its main focus of activity – increases.
After beginning his career with Xerox before moving into international software sales, Mr Naismith joined Workpro in 2013 and was instrumental in taking the company down the employee-ownership route, which he said has also transformed practices and attitudes in recent years.
The company has increased its client portfolio by 400% over the past five years, including clients in national and local government, financial and legal institutions, as well as major retailers, while maintaining Workpro’s place in the support of Ombudsman services.
Growth has been catalysed also by the firm’s decision to make Workpro available as a SaaS (Software as a Service) solution, a method of delivery and licensing in which software is accessed online via subscription.
Biopharma firm secures grant
Glasgow University spin-out Keltic Pharma Therapeutics has secured a £350,000 grant from Innovate UK to develop treatments for diseases such as asthma.
The funding will support the advancement of its Pepsmol drug-discovery platform, which targets hard-to-treat cell-surface receptors that play a crucial role in many physiological processes. The grant will enable the company to expand its team.
Keltic Pharma, founded by professors Andrew Tobin, Andrew Jameson and Graeme Milligan, aims to develop inhaled synthetic drugs to normalise lung function and reduce inflammation in severe asthma patients.
Innovate UK is part of the UK government and operates under the umbrella of UK Research and Innovation, which is a non-departmental public body.
