Boss to step aside at Norwich tech firm Proxama
PUBLISHED: 06:00 21 May 2015
A Norwich technology firm is on the hunt for a new boss after its founder and chief executive announced his decision to step aside.
Neil Garner – who created the company ten years ago – will pass on the baton as soon as a replacement is found to focus on developing new products for the business.
It follows news in March that the firm’s chief commercial officer Miles Quitmann had resigned from the board with immediate effect.
Proxama, which producers platforms on mobile phones so people can make contactless payments or receive business marketing information, employs upwards of 100 people at St James Mill in Whitefriars.
But the fast-growth firm has yet to turn a profit despite snapping up rival business Aconite for £2.06m in December and commanding a far-reaching global footprint, with offices in London, New York and San Francisco.
In its preliminary results to the year ending December 31 2014, revenue and income remained broadly flat at £0.8m, with an EBITDA loss of £5.6m, compared to £3.1m in 2013, and a cash balance of £5.5m.
Mr Garner said he will use the opportunity to dedicate more time to fostering Norwich’s up-and-coming technology sector, which was pinpointed as a fast-rising digital economy in the government-backed Tech Nation report published in February this year.
“This is an exciting move for both me and the business,” he said “Our aggressive plans for growth will need full focus over the coming year and I will continue to work with the board to help the business realise these goals.
“However, as a technology business that operates in the fast-moving mobile technology sector, we also know that having a commitment to innovation is crucial to staying ahead of our competitors.”
The announcement comes amid a flurry of contract wins for the company, which has sealed deals with Navy Federal Credit Union, Exterion Media and Eye Airports.
Mr Garner, who also founded Whitespace in St James Mill, an incubator for nurturing technology start-ups, added: “I’m especially excited about the opportunity to use my new role as a way to work even closer with the Norwich tech and digital community. I’m very proud that Proxama has strong roots in Norwich and am extremely passionate about getting behind the network of brilliant businesses and entrepreneurs in our newly recognised Tech City cluster.
“By helping to raise awareness for what is already a thriving tech and digital community, we all benefit from the opportunities, talent and investment that this will bring to the area.”
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