Internet-based software and services fuel the business processes of many organisations within the UK and globally. Cloud solutions provide these users with resources, programs and data storage solutions that they can easily access remotely through the internet.
Cloud solutions can serve various purposes, and many cloud companies in the UK have seen success.
According to Statista’s Technology Market Outlook, the public cloud market generated approximately $15.6 billion (£13 billion) of revenue in 2021. The future’s looking good as the revenue of this market is set to increase to around $26.9 billion (£22.4 billion) by 2026.
Read on to learn about some promising and well-established cloud companies across the nation.
Cloud Companies to Watch in the UK
CloudMargin is a collateral management fintech company based in London. Founded in 2014, the firm provides a cloud-based Software as a Service platform for collateral and margin management. It serves a variety of market participants, specifically sell-side and buy-side financial institutions.
Recently, the fintech entity has experienced impressive growth, having secured seven new bank clients in the quarter ending 30 June. In addition, earlier in March 2022, it began incorporating new capabilities to help its clients meet UMR regulation compliance requirements.
Now it looks as though the firm is continuing to expand and prepare for bigger and better things as it brings new executive professionals onto its team.
Based out of Hampshire, CloudPay delivers end-to-end payroll services through its platform. The company’s software provides data visibility, analytics solutions, and managed payroll and payments services to organisations.
The firm has been raising money from investors since being founded in 1996, with its latest funding in August 2021, where it received £42 million from Olayan Group, and existing investors Rho Capital Partners and Pinnacle Investment Partners.
CloudPay has since been increasing its expansion efforts and partnering with companies like Visa to offer new digital pay options.
Founded in 2009, Cloudsoft has provided automation software for customers to overcome the complexity of their business processes. The firm serves customers in a variety of business sectors, including banking, defence and other regulated industries.
The Edinburgh-based entity has raised a total funding amount of £1.5 million over one round in 2015 and has since further developed its technology to provide new services. For example, in 2021 the company collaborated with the UK government to develop an AI-supported COVID-19 test.
Based in London, Greenpixie provides solutions to measure the environmental impact of cloud computing and promote sustainability in digital processes. Its platform lets users measure their cloud emissions through its online dashboards based on their aggregated cloud data.
The startup was founded in 2021 and has since raised £250,000 in one round of pre-seed funding led by Ascension in July 2022.
The firm plans to use its recently-acquired funds to support the production of its solutions to reduce the environmental impact of carbon.
iomart is a cloud computing company based out of Glasgow. The firm’s cloud hosting platform helps businesses to scale with data management, digital workspace, connectivity and unified communications features.
The firm is making headlines with its recent business success. In August 2022, iomart gained some hybrid cloud action with its £10.5 million acquisition of the entire issued share capital of Concepta Capital.
The company now appears to be looking to expand its operations by bringing on new staff members to its team.
6. Mast Technologies
Mast Technologies is a London-based mortgage orientation platform company. Its platform supports mortgage application. The startup was founded in 2020.
The firm raised £1.2 million in June 2022 to develop its mortgage origination platform after its product launch in November 2021. Mast is backed by Antler, an early-stage VC that is active and astute across the tech world.
One testimonial on Mast’s website is from Melton Building Society in Melton Mowbray, Leicestershire.
Matillion is a platform that supports cloud-native data integration and transformation for individuals and organisations. The entity was founded in 2011 and is headquartered in Manchester, with additional locations within the US. Customers use its software in over 40 countries.
The firm has raised a total of $310 million (£257 million) in funding, with its most recent funding round in June 2022. According to Matillion CEO Matthew Scullion, the company saw two triple-digit funding rounds last year alone.
Additionally, the platform announced the appointment of two new executives in April 2022.
8. Thought Machine
London-based Thought Machine is a busy presence in the fintech sector. It creates banking technology through its core banking platform. The firm’s Vault platform serves clients, including banks and financial institutions.
Thought Machine raised funds in two rounds this year, gaining £40 million in February and $160 million (£133 million) in May. It has acquired a total of $562.8 million (£467 million) in funding over six rounds since it was founded in 2014. Its valuation stands at around $2.7 billion (£2.2 billion).
The company has seen much success this year, gaining deals with HD Bank in Vietnam, Magyar Bankholding in Hungary, Mascoma Bank in the US, M1 in the US, Al Rajhi Bank Malaysia, Danish company Lunar and Cheshire-based company Together. Other clients of Thought Machine include Intesa Sanpaolo, Lloyds, ING, SEB and Standard Chartered. In June 2022, it revealed its diversification plans with the launch of a cards and payments processing platform.
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