Company: iplicit
Founder: Lyndon Stickley
Website: https://www.iplicit.com/
About iplicit
iplicit is a cloud accounting software business which epitomises disruption.
Since launching in 2019 with no customers, iplicit has grown to serve over 1,000 organisations, with more than 10,000 users now logging in from 72 countries.
Its founding team – Ian Andrews of Concept Software and Exchequer founders Rob Steele and Eduardo Loigorri – spotted a massive gap in the market, devoid of competition.
That gap takes the form of organisations that have outgrown entry-level accounting products like Xero or QuickBooks, or those trapped with outdated on-premise software but don’t have the appetite for complex and expensive products such as NetSuite, Dynamics and Intacct.
This target market runs to 90,500 sites in the UK alone, consisting of organisations with 30 to 500 staff, whose needs have become more complex as they have grown. These businesses have serious requirements when it comes to financial controls but do not have the budget for £30,000-£40,000 a year in licences in addition to months if not years of disruption.
iplicit’s UK-built product brings those organisations powerful automation, consolidation and reporting tools which have previously been out of the reach of mid-market organisations. The time savings can run into weeks every month for the average mid-market finance team, while users enjoy a wealth of features to enable them to analyse their finances in real time and make better decisions.
iplicit is a saviour for mid-market organisations that have been “orphaned” over the past decade because the providers of their legacy on-premise systems have failed to provide adequate, accessible and affordable cloud solutions. Legacy providers such as Pegasus, Sage and Exchequer have all been put on notice by a rapidly-growing business which intends to do in its market what Netflix did with Blockbuster.
iplicit has also been disrupting the market by not disrupting the customer! Implementation of its system can be done inside a calendar quarter, typically in 16-18 business days and completed within a quarter. Comparable high-end systems can take 75-120 business days and take an entire year or more to settle down.
The benefits go beyond the finance department to improve other areas of the business. iplicit’s open API allows easy integration with other systems such as timesheets and expenses, bringing non-finance users into the workflow.
What’s more, department heads and leaders across the business benefit from game-changing management information about their area’s performance.
Starting with a team of five, iplicit has grown to employ 65 people across the UK, with headcount expected to reach more than 80 this year. It has doubled in size – whether measured by revenue, users or staff numbers – every year since 2019 and is set to create hundreds of jobs in the next decade.
