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Calculus invests £2m in CloudTrade

Calculus Captial

Calculus Capital, the Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) specialist, has invested £2m in software company CloudTrade.

CloudTrade’s technology enables companies to automatically process electronic documents such as invoices and sales orders received by email.

The software extracts information from a human-readable, machine-generated document, such as a PDF, validates it and then converts it into a data file that is fed directly into the company’s accounting system, without human intervention.

The software is used by more than 200 companies and other organisations around the globe, including Qantas, Arco, the Scottish Government and the NHS.

Richard Moore, Investment Director at Calculus, said: “CloudTrade is transforming the way firms handle invoices, orders and other business documents. Its streamlined, automated process is delivering back office savings in the region of 60% and is so straightforward
that companies using CloudTrade are achieving supplier adoption rates of almost 90%.

“On top of this, CloudTrade enables users to extract maximum insight and data from documents handled, which can provide valuable intelligence for firms looking to maximise business efficiency.

“Our investment will help CloudTrade strengthen its global sales and support teams, expand the platform to cover additional languages and grow its presence in the European and US markets. We believe this is an exciting new phase in the development of a young British company with market-leading technology and strong global growth potential.”

David Cocks, CloudTrade’s co-founder and CEO, added: “It might sound a bit old fashioned, but the team and I were determined to prove that we had a business
solution and model that worked before we spent other people’s money. There is no doubt that we have proved that; with the business growing at over 40% year-on-year globally and now processing over 30,000 documents a day. We are delighted to welcome Calculus
on board as investors and we’re excited about our prospects for growth in existing and new markets across the globe.”

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