Innovation Birmingham start-up Synapse wins Cloud CFO deal with Norman Hay PLC
Synapse Information Limited, a spreadsheet-solutions provider based at Innovation Birmingham Campus, has signed a deal with Coventry manufacturing company Norman Hay, one of this year’s ‘One Thousand Companies to Inspire Britain’.
The contract is for the supply of the Synapse Cloud CFO product, which accelerates the financial close process for group companies, including those that have multiple subsidiaries.
Cloud CFO connects the Excel spreadsheets used by Norman Hay to the Synapse Cloud server and automates the complex financial consolidation process automatically generating monthly financial reporting and in the future statutory accounts.
This approach allows users at Norman Hay to stay with the familiar spreadsheet format which Group Financial Controller, Chris Sampson, describes as the biggest benefit:
“All accountants want to use spreadsheets. We love them. There’s just a few vital functions lacking in traditional Excel – luckily, we’ve found Synapse to fill in the gaps.”
Synapse have added security, auditing and data integrity to make Norman Hay’s spreadsheets powerful enough to complete the financial close accurately and reliably in seconds, yet the solution looks no different from traditional Excel.
Synapse CEO Brian Donnelly is a Silicon Valley veteran who chose Birmingham as the perfect place to start and grow the business, with a leading UK bank and global Swedish retailer using the technology.
“We have found a huge number of busy CFOs that use spreadsheets across all of their processes; they love the flexibility but are well aware of the pitfalls. Synapse have engineered a way to let them keep the former and ditch the latter”.
Synapse is one of 18 early stage tech companies receiving support from Innovation Birmingham’s Entrepreneurs for the Future (e4f) Inspire programme, which delivers a series of workshops, keynote events, entrepreneur dinners, off-site visits, funded internship/apprenticeship placements, and peer group sessions, in order to accelerate the growth of entrepreneurial tech companies.
Over 120 tech start-ups have been incubated by the e4f programme since November 2009, with over £11.5 million raised in initial investment rounds.
For more information on Synapse, visit www.synapseinformation.com
For more information on Norman Hay, visit www.normanhay.com