AWARD-WINNING Poole-based finance software platform iplicit has been named among the UK’s top 20 fastest-growing companies. 

iplicit was launched in 2019 to cater for organisations that were struggling with outdated on-premise accounting software and lacked an affordable alternative. 

Its customer support and marketing teams are based at Foundry in the Dolphin Shopping Centre in Poole.

The company recorded a compound annual growth rate of 155.2 per cent and an absolute growth rate of 1,561.5 per cent between 2019 and 2022. 

This put the company 103rd on the Europe-wide list produced by the Financial Times and Statista. It is also ranked the 18th highest-placed British business in the FT1000 list 2024. 

Its software has more than 22,000 daily users and iplicit expects that number to double this year, with a US launch planned for 2025. 

Chief executive Lyndon Stickley said: “After five years of triple-digit growth in revenue and user numbers and a string of award wins, iplicit is going from strength to strength.  

“We launched the business to fill a gap in the market that was there because the dominant providers of on-premise accounting software were no longer moving with the times.  

“The writing is on the wall for those providers.” 

He added: “There are still tens of thousands of organisations in the UK alone that are currently held hostage to an on-premise finance system and don’t know which way to turn. 

“The entry-level cloud-based systems don’t give them the functionality they need, while the higher-end systems involve too much painful disruption to implement and are punitively priced. 

“iplicit offers easier implementation and a compelling price point for organisations with typically 30-500 staff and we expect to continue doubling year-on-year and expect our user base to be over 40,000 by Christmas.” 

Several of the iplicit team were involved in Exchequer, the successful finance platform which was founded in Bournemouth in the 1990s and later sold. 

iplicit has been named Best Enterprise Accounting/ERP Software at the Accounting Excellence Awards and AccountingWEB Awards and won the Fintech prize and the Dorset Cluster Award at the Tech South West Business Awards in autumn 2023.