December 2013
Newcastle-based Nomad Digital, the global leader in wireless solutions to the transportation sector, has been selected as part of the Future Fifty cohort – a group of high-growth companies chosen to receive support and funding from the UK government.
The Future Fifty is leading a movement that is seeing increasing numbers of technology scale-ups primed to take advantage of recent innovations, such as the High Growth Segment and the scrapping of stamp duty on AIM shares, making UK listings more attractive for growing tech companies.
Nomad was chosen on the success of its application to join the cohort, following a second round of judging by a 17-strong independent advisory panel – that would see a second list of 25 high-growth companies join an initial first wave announced in October. To be eligible for the Future Fifty programme, companies were also required to be head-quartered in the UK, generate an annual net revenue with a run-rate of at least £10m over the coming 12 months – and have increased net revenue year-on-year by an average of at least 30% over the last two years.
Supported by the ‘Tech City UK’ initiative, Nomad will not only benefit from the support and guidance of UK Government and high-value professional services, but will also be legitimately recognised as a UK-based technology pioneer, amongst some of the UK’s brightest talent.
Speaking of the announcement made on Friday, Nomad Co-founder, Nigel Wallbridge said: “Nomad Digital has gone from a simple idea to a global business employing 250 people. I am very proud of the company and this Future Fifty Award is great affirmation that the business is widely appreciated.”
Ian Richards, Director at Northstar Ventures, said: “We are delighted to see that our portfolio company Nomad has been selected as part of the Future Fifty. We first invested in Nomad back in 2008, and over the years we have seen it grow into a successful company. I would like to wish it every success for the future.”