AN INNOVATIVE provider of Cloud-based business management software has its sights set on Australia.

Ascarii, the newest tenant at the North East Technology Park, (NETPark) in Sedgefield, has its sights set on a £10m turnover within three years – up 500 per cent – and a three fold rise in staff.

Founded four years ago, Ascarii is already one of the UK’s leading providers of cloud-based business management solutions.

The SAP Business One software delivers time saving, cost effective solutions and allows businesses to access processes such as accounts or stock taking from anywhere in the world.

The company currently has a turnover of £2m and 10 employees but plans to recruit five more by the end of this year and triple the number within the next five years.

Stuart Wilson, chief executive, said: "We have an international client base, with more being signed up every month. The east coast of the US could be a strong market for us – it is on our growth roadmap – and our current focus is to open an office in Australia so we can truly provide 24-hour support.

"Our solution benefits both start-ups with ambitious growth through to brewing and beverage giant SABMiller, which has 64,000 employees. SAP Business One Cloud offers a solution that can not only grow as you grow, it also offers stability and operational performance increases to already established businesses."

The company chose NETPark as its base because of all the high-tech businesses on the site and the support provided by staff at Business Durham, the economic development company for County Durham, which runs it.

Mr Wilson said: "It fits perfectly for us that we’re surrounded by like-minded companies at NETPark. There are a number of highly skilled people in the area who can help us grow our business. The facilities and services offered by NETPark are first class, they make office life simple and engaging."

Simon Goon, managing director at Business Durham, said: "Ascarii is a welcome addition to the high growth, innovative companies based at NETPark which have exciting global ambitions. We wish them every success as they continue to thrive among their peers and across the world."