FlyForm Receives Investment From Lloyds Bank to Accelerate £1bn Growth Plan
- Partnership with Izy Capital on investment round enables firm to move toward £1BN annual revenue goal by 2030
LONDON, June 29, 2020 /PRNewswire/ -- Today, FlyForm Ltd – a UK-based Elite ServiceNow partner – received a growth capital investment from Lloyds Bank, in partnership with Izy Capital as Lead Advisor. With this investment, FlyForm will continue to consolidate its position as the leading ServiceNow consultancy firm, before expanding into complementary market spaces, ultimately targeting annual revenue of £1 billion over the next 10 years.
Founded in late 2015 and headquartered in Cardiff (Wales), FlyForm is led by co-founders Arron Davies (COO) and Philip Davies (CEO) – one of WalesOnline's "2019's 35-under-35" inductees. Since its early days, the company has quickly expanded to work with clients across the UK and experienced compounded annual growth rate of 261%. The company's current clients span a variety of sectors, including government, financial services and healthcare.
"We are beyond grateful to Lloyds Bank and the Izy Capital team for their help in achieving this massive opportunity," says CEO Philip Davies. "I look forward to working with my co-founder Arron and our growing team toward our vision of building Wales' first global technology consultancy with £1bn in annual revenue. This injection of capital will help us accelerate even faster into the next level, as well as being a huge vote of confidence in our vision to continue supporting the local economy with hundreds of jobs in the near future."
FlyForm works exclusively with ServiceNow – one of the leading global B2B cloud platforms with 2019 revenue of $3.5bn. Earlier this year, FlyForm achieved ServiceNow Elite Partner status, the highest ranking level for a UK-based partner. As ServiceNow targets global revenue of $10bn, FlyForm remains committed to bringing the cloud software platform and its ground-breaking technological innovations to more organisations around the world.
"FlyForm are a fantastic example of the vibrancy and the growth opportunity within the ServiceNow partner ecosystem," says Seb Fitzjohn, Vice President of Alliance & Channel Ecosystem EMEA at ServiceNow. "A big part of ServiceNow's strategy is to create the conditions for our partners to invest and scale, based on delivering customer success, and amazing experiences on the NOW platform."
"We are delighted to support FlyForm with their scale objectives," says Christopher Ryan, relationship manager at Lloyds Bank. "Their growth trajectory over the past several years has been remarkable and we very much look forward to a long-term relationship as digitisation is forced to the top of all enterprise agendas."
David Rees, Managing Partner at Izy Capital (and Lead Advisor for this round), says, "We have been working with FlyForm for several years. They are an awesome bunch of guys as borne out by CAGR since 2016 of 261%. With the widescale migration to enterprise cloud digitisation and the support of the incredible ServiceNow ecosystem, our clear sense is this is just the beginning."
About FlyForm
FlyForm (www.flyform.com) is an Elite ServiceNow partner, providing consultancy, implementation and managed services. Formed in 2016, the group has seen CAGR in excess of 200% driven by a commitment to the four pillars of success:
- Culture - Creating a supportive environment where employees feel valued
- Quality - Taking pride in delivering high quality outcomes with products we truly believe in
- Integrity - Always acting in alignment with our core values and being willing to have difficult conversations
- Results - Relentlessly committed to achieving their client's outcomes
About Izy Capital
Izy Capital is a global early stage venture capital and growth stage advisory practice. With a presence in London, UAE, New York, Vancouver and Mumbai, Izy looks to work with globally aspirational founders who have the ambition, drive, resilience, and vision to deliver against significant market opportunity.
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