Business performance specialist STC Insiso, of Aberdeen, has grown its workforce by one-third since its formation and said it is on track for £2.5 million in its maiden year.
The company was created earlier this year through the merger of STC Global, which was already helping client firms improve their performance, and software development services firm Insiso.
It has been fantastic to see the overwhelming confidence from the marketplace and the results we have achieved this far.”
Arrash Nekonam, chief technical officer, STC Insiso
The enlarged business has now reported revenue of £950,000 for the first quarter, putting it on course for a £2.5m first-year sales total.
Contracts worth £1.5m from clients in the waste & utilities, medical, hospitality, finance & insurance, manufacturing and marine sectors in the UK, Middle East and US have been secured since the turn of the year.
STC Insiso – based in Provender House on Waterloo Quay – has also expanded its team, with five new staff taking the total headcount to 20. In addition, the company has access to a network of partner resources.
What has also been extremely exciting to see is our efforts to diversify the company across multiple sectors pay dividends.”
Mark Rushton, chief executive, STC Insiso
In other developments, the firm said it had “committed significant investment” to develop up to five new technology products over the next two years as it strives to “continue to advance the business performance improvement space”.
At the heart of this will be a particular focus on measurement, assurance and incident prevention through STC Insiso’s “evolving Comet ecosystem of products”, the company added.
Chief executive Mark Rushton said: “It’s been a particularly strong start to STC Insiso’s journey with us exceeding our revenue target for the first quarter since we merged, which has further secured our ongoing growth trajectory in line with our ambitious business plan.
Diversification paying off
“What has also been extremely exciting to see is our efforts to diversify the company across multiple sectors pay dividends.
“We have deployed our business performance improvement solutions and training right across markets and global regions, which is extremely gratifying for the whole team.”
Chief technical officer Arrash Nekonam added: “When we brought together STC Global and Insiso earlier in the year, we were confident that formally combining our skillsets and experience would have huge benefits for clients both existing and new.
“It has been fantastic to see the overwhelming confidence from the marketplace and the results we have achieved this far.
“As part of our strides to continue developing and adjusting to markets and challenges we have also been in active planning with SDI (Scottish Development International, the international arm of the Scottish Government and Scotland’s enterprise agencies) to boost our export strategy, as well as committing funds to the R&D (research and development) of new tech as we enter the next phase of the business.”
Mr Nekonam previously owned and was managing director of Insiso, which merged with STC Global in a share swap deal.
In February, STC Insiso said it had signed up Canadian partner Hatley Engineering and Applied Technologies to distribute its Comet software across the Atlantic in a move it believed could be worth up to £112,500 in the first year alone.
Meanwhile, the group’s strategic partnership with Practical Solutions Group Services Australia is aimed at the Asia-Pacific market and a distributor deal with Middle East firm Procyon Group is expected to help it secure new business in the Gulf.
There are also tie-ups with Lloyd’s Register and Cummins Group, while a partnership with human factors specialist IHF has created an “industry-first” tool which has been integrated into the company’s Comet software.