Panintelligence expands to US with new Boston base
Business intelligence and data analytics software developer Panintelligence has opened its first overseas office in Boston, USA.
The move will see the firm based at the Cambridge Innovation Centre's Milk Street site in downtown Boston.
“The US has been of interest for some time, as UK clients were increasingly deploying our platform across borders with many users based in the US,” said CEO Zandra Moore.
“After meeting with market experts from the British Consulate in Boston, and visiting the city twice and testing the water, it's been an easy decision to invest in opening the doors of our first overseas base in Boston.
“The whole tech community there is so vibrant and exciting. With so many developers and resellers who need smart data tools, it's a perfect region to expand into as we scale-up.
“The fact that there are also tech and fintech experts within DIT's consulate there has also really helped us get early traction.”
The Panintelligence software platform aims for businesses to use their own data to drive strategic decision making, helping them lower costs and visualise trends and performance.
The firm recently started its first American contract with retail app developer PCMS, which has its US base in Cincinnati, and following a year of research and networking has several further proof of concept and beta testing projects in the Greater Boston area.
Moore added: “We have been overwhelmed with the positive reaction in the US already.
“We're seeing a massive advantage from the security and compliance aspects inherent in our platform as a result of coming from the highly regulated UK financial services sector.
“There are definite advantages for some UK fintech firms like us who have had to deal with the world's strictest data compliance and regulatory environments since their first day.”
The business, which grew revenue by 40% in 2018, employs 37 staff at its Leeds head office.
Initially the Boston office will serve as a base for staff seconded from the UK, and the company expects to recruit a team of four in-market by the end of 2020.
Ken Miller, CTO of Panintelligence, said: “The US market is huge, the technology available there is no more advanced than here in the UK and they have a more fragmented regulatory environment that makes our 'never moved, never copied' data principles perfect for many applications.
“We're really proud to be a gritty Yorkshire firm that's competing globally, and it's a great opportunity to show the US that there are some fantastic innovative tech firms from the north of England that have global potential.”
Founded in 2014 following an MBO led by Moore and Miller, the business was originally part of Leeds-based financial services firm Pancredit.