07 June 2004 - Building on the success of the company since its inception in 2000, VeriSIM has secured Â£1.2 million in funding to fuel further product development and company growth. VeriSIM, pioneer of a unique simulation technology enabling the creation of real-time, fully functional simulations of IT systems, has established a strong blue-chip customer base within the financial marketplace, which includes household names such as HSBC, HBOS and Royal Bank of Scotland. Scottish Equity Partners (SEP) and Albany Ventures were attracted by VeriSIM's unique simulation technology and its ambition to expand into new sectors, such as government, telecommunications and retail, in conjunction with broadening its horizons to expand into the European and US markets.
Gordon Beveridge, Scottish Equity Partners, said, "VeriSIM is a great success story and we are delighted to be supporting its continued growth. We expect its acknowledged leadership within the UK financial services sector to translate well into other markets, both vertically and globally."
Andy Steel of Albany Ventures will be joining VeriSIM's board of directors following the funding round. "We are impressed by the impact VeriSIM has had in providing a practical solution to two of the biggest issues facing companies today - driving e-commerce and training staff to ensure excellent standards of customer service. It is an impressive achievement in a short space of time and we are delighted to be a part of the future successes of VeriSIM."
Banks use VeriSIM's simulations of their online banking systems as a demonstration tool on their websites, providing a safe, perfectly simulated banking environment for raising customer awareness and improving user confidence in making online transactions. This has been instrumental in driving the take-up of online banking services for a number of VeriSIM customers.
In addition, the company's employee application training solution, VeriSIM T3, has created a vastly superior way to train large groups of call centre employees and highly dispersed branch network employees found in many of today's big businesses. T3 includes in-built tutoring functions that allows the branch or call centre agent to learn the system, try the different functions for themselves and then be tested to ensure they are ready to represents their employer with the public, clearly a vital requirement in today's highly competitive, customer-focused marketplace.
James Anderson, CEO of VeriSIM said, "We are very proud of our achievement to date, especially as we embarked on the challenge of delivering technology at a time when the dotcom bubble was beginning to burst and the IT industry was disillusioned in general. This funding allows us to build on our current achievements, accelerate the growth rate of the business and ultimately deliver on the potential of our unique simulation technology."
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