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Bruce Morgan

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Bruce Morgan
Technology: Software
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Company Snapshot
GreatSoft is a unique cloud-based solutions company that develops and implements technologies specifically for the accounting profession to maximise their profitability. GreatSoft was started by Bruce Morgan and his partner, Imtiaz Lorgat. It is the only completely integrated product for small and large multi-office accounting practices, from time capture through to management accounts and even final accounts most accounting practices manage their firms using multiple databases, but GreatSoft provides an end-to-end solution in one database. This is done using browser-based products to allow transactions to take place from anywhere at any time on any device, i.e. a true cloud-based solution. The market is split between local (SA), Africa, and then international. The South African accounting practice market is huge, comprising roughly 5 000 practices. This number doubles for Africa; and in the UK increases to more than 38665 firms and in Australia there are more than 11 000 firms. GreatSoft has been in business for more than 27 years and has grown its revenues from $800,000 to $4,5 million. The team has grown from 25 to 64 today and is a unique collection of practice management experts capable of providing services to any firm anywhere in the world. They currently support 17 countries from Cape Town. Client growth has been fantastic with KPMG and Deloitte standardising on GreatSoft into all their African offices (17 to date). Locally, Grant Thornton, Mazars, Moore Stephens have committed to implement GreatSoftCRM in all their offices. The plan is to grow revenues to $10 million over the next three years. The target EBITDA is 15% plus. The business model is based on a subscription revenue module so is not restrained by the need to build consulting teams. Their international growth is being negotiated via a partner/distributor channel, and talks are underway with successful businesses in both the UK and Australia. Their vision is to be the dominant supplier of CRM and practice management products to accounting firms worldwide.

"Our Award-Winning software will help a firm of 15 staff earn an additional R900000 per year in profit."