Digital data processing company Genfour, which moved to South Wales earlier this year, is expanding with the backing of a funding package that includes a £200,000 loan from Finance Wales and business finance from the Welsh Government.
As part of its ambitious growth plans, Genfour expects to recruit 36 programmers and developers over the next 3 years from its service centre at Cwmbran’s Springboard Business Innovation Centre.
Experienced IT consultant and Chief Executive, James Hall, founded the company 2 years ago to target the growing market for data processing by robotic process automation and artificial intelligence technologies.
Genfour’s automation tools mimic the actions of human beings to complete clerical tasks more quickly, accurately and cheaply.
“We’re currently increasing our capacity and bidding for a number of high-value contracts, both in the UK and internationally, so Finance Wales’ loan has come at the right time. It provides the capital injection we need to implement important changes in the business, including recruiting more staff.
“We’ve built an impressive list of clients which includes Co-operative Energy and the RAC and they’re all making major savings and achieving better efficiency from our bespoke services. This success is helping us to achieve the consistent growth levels we’re currently achieving ,” Hall explained.
Economy Minister Edwina Hart said:
“The investment in Genfour – a high growth innovative technology business – which works in one of our key economic sectors is excellent news.
I am pleased the funding package from the Welsh Government and Finance Wales not only helped secure this project for Wales but is now supporting the company’s growth at its new centre in Cwmbran where it plans to create highly skilled jobs.”
Commenting on Finance Wales’ investment, Investment Executive Oliver Jenkins said:
“Digital data processing is a relatively new concept offering benefits such as increased accuracy and improved productivity levels. It’s growing in popularity as a viable alternative to outsourcing or overseas processing for many companies.
“James launched Genfour to take advantage of this market opportunity and he’s built up a successful and innovative business over the last 2 years. We’ve worked with the Welsh Government to structure an investment, which will underpin Genfour’s growth plans and maximise its potential.”
Recent industry research into outsourcing estimates that over 40% of UK companies are expected to develop digital workforces this year, attracted by potential significant cost savings. Genfour is set to capitalise on this rapidly growing market.
Genfour is the latest technology company to move into the Springboard Business Innovation Centre in Cwmbran, which was set up to encourage and support high growth science and technology businesses. Since opening in January 2006, over 70 companies have moved into the centre, securing £10 million in investment and creating over 400 new jobs.
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