- SuiteFiles is a record keeping and file management platform for accountants with an easy to use system for creating and organising important client files such as financial accounts, statements, emails, and spreadsheets.
- The SuiteFiles platform provides a single hub for all client records, rather than many synced copies from other cloud alternatives or hard drive storage.
- SuiteFiles was started when Xero asked Provoke Group to create a simple document management system to work with their cloud-based accounting software.
- The company currently has over 4,500 paying users from 6 different countries, generating over $1.1m of annualised recurring revenues (including migrations).
- The business is positioned to scale up following the market validation received to date, our core technological infrastructure is in place, and there is a global opportunity in front of us.
- Having successfully proven the business model in the accounting vertical and having built a solid platform to scale from, we are now raising capital to expand into international markets and develop additional industry verticals.
SuiteFiles is a software as a service (SaaS) business based in Wellington, New Zealand. With a focus on the accounting industry, we offer small and medium enterprises (SMEs) an easy to use cloud-based document management solution that integrates seamlessly with Microsoft Office 365 and cloud applications (e.g. Xero) to deliver a feature rich piece of essential business infrastructure. SuiteFiles provides SMEs with a file management solution on par with an enterprise grade solution for a fraction of the price.
SuiteFiles was started by the Provoke Group in 2012 following a request from Xero to create a simple cloud-based document management system to partner with their offering. Provoke is a Wellington based IT services business with offices in NZ and the US. They saw the early opportunity in cloud based software services, and the growth in this industry is forecasted to continue with cloud SaaS services totalling over $58.6bn in 2017, growing at a compound annual growth rate (CAGR) of 19.38% to $100bn by 2020.
As at 31st July 2018 the company had over 4,300 paying users, and annualised recurring revenue (ARR) of $900k. Actual total revenue is higher due to additional services, such as migrations which add circa $150k pa to the total, and are growing. This strong adoption is backed by favourable unit economics, with a <1% churn, and a Lifetime Value (LTV) of $1,738 compared to a Customer Acquisition Cost (CAC) of $133. We have already grown the business into Australia, the UK, North America, and Asia with just 4 full-time staff members. We are forecasting revenue growth to $10.7m by the end of FY24 at a CAGR of over 50% over the period post investment.
Having successfully proven the business model in the accounting vertical and built a solid platform to scale from, we are now raising $1m of growth capital at a pre-money equity valuation of $5m. Funds raised will go toward additional sales and marketing resources, with a key focus on expanding our international partner reseller program to drive further subscription growth in overseas markets. This will free up operational cashflow to continue developing our industry leading SuiteFiles product offering.
The rapid growth in cloud based storage and applications is changing the way people and businesses interact and access software. It has been called the “driving force in the information technology world” and over 90% of global enterprises report using cloud as part of their business (Economist, 2015). Businesses small and large have been drawn to the obvious benefits from monthly subscriptions, ongoing functionality updates and easy scalability. The accounting industry has been an early mover with the adoption of the cloud, and alongside the likes of Xero, MYOB & Intuit, a range of complementary cloud-based applications have sprung up around them.
We invite investors to join us as we scale SuiteFiles on its growth trajectory, giving more SME’s worldwide the cloud tools to get their business humming.
Andrew SimsChief Executive Officer & Executive Director
Andrew’s working career began in the early 1990s in the forestry industry before moving to London. With no trees to harvest, Andrew switched careers and became a self-taught programmer working in large investment banks building trading applications. On returning to New Zealand Andrew continued to work for large multi-national organisations in senior management roles growing large services businesses. Another career change was triggered on completing a MBA and a move into running his own consulting business targeting SMEs. This lead to a meeting with the Provoke team and starting SuiteFiles together.
Callum McNeillChief Technology Officer & Executive Director
Callum has over 10 years of experience in enterprise solution architecture and product development, with special interests in business strategy, performance optimisation, cloud architecture, and designing highly usable systems. Callum draws from a diverse educational background and holds both a law degree and an degree in Software Engineering. Callum has been with SuiteFiles since inception, creating the original technology prototype which evolved into the SuiteFiles platform.
Kim AndersonMarketing Manager
Kim brings a highly varied range of experience to her role as Marketing Executive. Starting with a Bachelor of Arts in Art History and English Literature in 2011, she then completed a Graduate Diploma in Teaching before moving on to a Graduate Diploma in Design at Massey University in Wellington. There she developed a keen interest in technology, digital marketing and user experience. Kim was an intern at SuiteFiles through a Callaghan Innovation supported grant, before being offered the Marketing Executive role.
Jack SlaterJunior Developer
Our resident ‘Jack of all Trades’, nothing is too hard for Jack when it comes to developing awesome software. Whether it’s learning a new coding language, fixing a bug, or solving a tricky problem. Jack is up to the task. With initiative in spades, Jack’s enthusiasm, can-do attitude, and dry humour are a welcome addition to our growing SuiteFiles team. When he’s not in the SuiteFiles office or working towards a Bachelor of Software Engineering at Victoria University, you can find Jack taking advantage of his season pass to the Rugby and playing video games.
Doug TaylorCIO of Provoke Group & Non-Executive Director
Doug began his computing career in the 1990’s and is the brains behind the design of all core technical systems within the Provoke Group. This includes all data that is collected and held across all subsidiaries, and Doug is responsible for all business intelligence, reporting, and database design. Doug has managed many successful development teams across the Provoke Group and knows what it takes to run complex software projects from the ground up. Doug maintains all management reporting for SuiteFiles, and is responsible for tracking trends, revenue, cost, and for business efficiency. Doug works closely with the SuiteFiles operational team on a daily basis to track performance, and to keep the board advised of progress.
John RobsonCFO of Provoke Group & Non-Executive Director
John began his finance career in London in 1990, working for a global investment bank within a team directly responsible for macro-economic investment decisions for a range of large publicly traded investment funds. John moved to New Zealand in 2002 and worked for a major bank holding a range of senior roles in investment, business strategy, and emerging technologies. John’s responsibilities at Provoke Group are more than that of a traditional CFO, providing sound financial governance, investment oversight, and strategic direction. John is responsible for statutory reporting, and compliance with Provoke Group, and is accountable for ensuring that all SuiteFiles disclosures and obligations to shareholders are met.
Brendan FordChief Operating Officer of Provoke Group & Non-Executive Director
Demonstrating a strong blend of deep technical knowledge and commercial acumen, Brendon is responsible for the operational performance of the subsidiaries within Provoke Group. Brendon was previously Chief Technology Officer and still retains the direct relationship with Microsoft, a critical part of the strategy of SuiteFiles. Staying at the forefront of Microsoft innovation is an essential requirement, and Brendon works with the SuiteFiles CTO to ensure that the business continues to lead in the area of cloud innovation on the Microsoft stack.
Mason PrattChief Executive Officer of Provoke Group & Non-Executive Director
With over 15 years of experience in the technology industry, Mason is responsible for driving strategy across the Provoke Group. Bringing a wealth of sales and marketing expertise to the board, Mason’s passion for culture helps to ensure the environment fosters a high degree of trust, delivery excellence, and customer service across all companies within the Provoke Group. Mason is the Chief Executive Officer of Provoke Group, and works closely with the General Management team to align strategic priorities for each business in accordance with the agreed strategy of the Board. Mason was one of the original founders of the Provoke Group in 2001 and has led the business through its expansion in New Zealand and into America over the last 15 years.
Note: Brendan Ford fulfils the role of chair, but is based in the US. Doug Taylor and John Robson are active board members. As part of the capital raise, Andrew Sims and Callum McNeill will be taking up board positions.