Published on the 18/06/2015 | Written by Donovan Jackson
Kiwi inventory management vendor to intensify USA operations…
Flush with a war chest of A$4.5 million from its biggest ever round of capital raising, cloud inventory management vendor Unleashed Software is intensifying its international growth plans with a particular focus on its United States operations. It is also eyeing up the United Kingdom as an imminent location for expansion.
The Takapuna-headquartered trans-Tasman company already has offices in Sydney and Melbourne, with a beachhead established in San Francisco to take on the enticing United States market. However, despite the size of the American proposition, it is well traded and therefore likely to be a tough nut to crack. Interviewed by iStart, Unleashed chairman Phil Norman said the company has an opportunity to grow with its existing partnership with Xero, itself on a major push into America, and on the back of a newer relationship with Intuit.
“When you say the US market is a tough nut to crack, it depends who you are talking to and in what sector,” he said.
Xero’s well documented mission serves as something of a yardstick; in the mature business accounting software market of the USA, Intuit is Xero’s biggest competitor. It turns over in excess of US$4 billion per year and has a stranglehold on the market, with share estimated at the high 80 or low 90 percent mark.
While that makes Xero’s task daunting, it also illustrates the value of the partnership Unleashed has struck up with Intuit as part of its own growth ambitions. “Intuit is a major player; [with it] we’ll focus on the West Coast, pursuing specific verticals,” said Norman. “The USA is an enormous place, so we have to have a focused strategy and we have made an appointment to head the charge,” he added.
Norman said those specific vertical markets are still being assessed, but noted that Unleashed is suitable for ‘substantial’ small to medium sized businesses which have complex inventory requirements. “That includes manufacturers and, perhaps interestingly, craft brewers,” he remarked.
To date, privately owned Unleashed has raised a total of just over US$10m in funding, with earlier rounds in 2012 and 2013 raising U$2m, and U$4m respectively.
In a statement, Unleashed CEO Gareth Berry said the additional funds serve as a platform for growth for the 2016 fiscal year. “Now it’s all about executing on our product roadmap, as well as our marketing, channel and influencer programs and campaigns. This will help us win further market share in Australia and New Zealand, and extend our reach to the United States and soon, the United Kingdom.”
In the last six months, the company said it has employed its first US staff, appointed a new Chief Technology Officer, Lisa Miles-Heal and Chief Marketing Officer, Anthony Mordech, and launched its integration with Intuit’s QuickBooks Online business and financial management software.
Unleashed Software was recently named a finalist for the NZ Hi-Tech Emerging Company of the Year Award and Manufacturer’s Monthly Endeavour Award in the application category.
