Spotlight Reporting raises $3 million for expansion as cloud market goes through the roof

Australia is the hottest market at the moment for cloud software, according to Spotlight Reporting chief executive officer Richard Francis.

The company offers business intelligence cloud software to hundreds of professional firms and organisations across the globe, with a particularly focus on Australasia, the United Kingdom and the United States.

It recently raised $3 million that will be used to expand the company’s physical presence in Australia as well as the UK and US, and fast track its product development.

Investors participating in the funding round include MYOB co-founder and Xero director Craig Winkler, former Xero chairman and former Kiwibank chief executive officer Sam Knowles and Xero director and Spotlight Reporting advisory chair Graham Shaw.

“You have Xero shaking things up big time, QBO aggressively pursuing market share, MYOB coming back to market with cloud products, plus dozens of add-on software providers like Spotlight Reporting trying to enrich the experience of business owners, accountants and others,’’ he says.

“We already service many leading accounting firms and organisations in Australia, and have accomplished ex-Xero Jason Forbes as our director of sales.

“He’s based in Brisbane and we are looking actively right now for senior account managers in New South Wales and Victoria.

“Even in the age of SaaS, having a physical presence and getting to know your customers personally is so important.

“Australia is so important to get right.”

In addition to its Brisbane office the company also has offices in New Zealand, San Francisco and is about to open an office in London.

Francis says the company’s immediate focus will be to add more sales and account managers, positions key to expansion.

“You can’t skimp on customer service or experience,’’ Francis says.

The company is also looking at expanding other core functions by adding developers and marketers; Francis says time will tell where it is best to place them.

“Our vision is nothing less than supporting millions of business customers and their advisors globally in making better decisions for superior outcomes,’’ Francis says.

“This capital raise is an important step on the long road towards achieving our vision.”