Agriculture IT business aims to double turnover

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Wednesday, May 14, 2008

By Graham Bardgett

Jordanstown-based agri-business FarmWizard revealed today that it is targeting a 100% increase in turnover this year following a second tranche of investment from the 'halo' business angel network.

FarmWizard's solution is currently being used on more than 1,000 farms across the United Kingdom — its software fully linked into the new tagging technology which is to be introduced as part of the Government's new " electronic identification" programme for cattle.

Supported by IntertradeIreland, Invest Northern Ireland, and the Northern Ireland Bankers' Association, the halo business angels network is designed to provide the missing link between private investors and entrepreneurs by assisting in matching the two together.

FarmWizard — which provides an online herd management system designed to help dairy and beef farmers maintain legislative and management records — received an initial investment from 'halo' in March 2007.

This allowed the company to go on to leverage more than £100,000 in additional capital. Now, with a second tranche of funding coming through from halo business angels, the company — founded in February 2004 by Co Armagh man Terry Canning — is targeting a 100% increase in turnover by the end of this financial year.

Mr Canning is an IT architect with over 10 years' development experience leading projects for global businesses such as Nortel Networks and BT involving two years overseas in China and the US.

He said: "Our plan is to use this new investment to recruit two new sales people and double subscription turnover over the next 12 months.

"These are ambitious plans which reflect in no small way the support we've had from the halo network.

"Halo has proved to be invaluable in giving the company access to venture funding without which we could not have grown the business at the speed that we have."

Halo's Ursula Lindsay said: "Our programme is there to provide consistent, long-term mentoring and advice for start-up businesses that successfully come through our system.

"Our door is always open to any young company that's keen to bring their innovative products to market."

Ms Lindsay said: "This indicates how well our programme works and how valuably it is viewed by start-ups. We hope that this second round support will act once more as a springboard for even greater successes in the future. "

The halo Business Angel network brings together 50 top investors with a fighting fund of over £11m to invest in start-up businesses in Northern Ireland.

Anyone seeking further information on the halo programme can contact Ursula Lindsay on 028 9073-7814.