Elcom Systems Limited will scale up its existing product delivery and R&D capacity and deliver new digital services in Glasgow after the company received a £700,000 Regional Selective Assistance (RSA) award from Scotland’s national economic development agency.
The company, a wholly owned subsidiary of Elcom International Inc head-quartered in Braintree, Massachusetts, will create 40 jobs in Glasgow over the next three years. Elcom’s plans for Scotland are part of the company’s ambition to be the world’s leading community-led Source to Settle Software & eFinance company.
The RSA award announcement was made during a visit to Elcom’s new Glasgow city centre office by the Scottish Government’s Cabinet Secretary for Finance, Kate Forbes.
Speaking after the visit, Ms Forbes said: “Technology is forecast to be the fastest growing sector in Scotland by 2024 and we are focused on reaching our full potential in an increasingly digital world.
“This £700,000 grant will allow Elcom to build their home here in Scotland with the creation of 40 highly skilled jobs over the next three years. It’s also a fantastic example of Scotland’s global reputation as a great home for technology and innovation.”
Described as the world’s first cloud-based eProcurement company, Elcom provides procurement solutions to organisations in the public and private sector, including the Scottish Government.
The company, which provides digital and automated contracting, purchasing, invoice handling and inventory management services, views eProcurement and eFinance as a catalyst for tangible and sustainable community benefit.
A new project that Elcom will deliver in Scotland is eFunding, a funding solution for public sector supply chains. The company’s eFunding platform combines technology and capital, enabling large buying organisations to support local suppliers while generating income from their annual spend.
Glasgow is the latest city to be added to Elcom’s global reach, which already included offices in London, Boston, Belgrade, Johannesburg and Sydney.
William Lock, Chairman of Elcom, said: “Elcom has been running the Scottish Government’s PECOS P2P system since 2002 processing over £6.5bn of Scottish Public Sector spend each year. Elcom remains committed to Scotland, demonstrated by the opening of the office in Glasgow close to our most valued customer and existing data centre.
“The new team will allow Elcom to scale up our product set and R&D capacity, which in turn allows us to combine our existing procurement platform with new eFinancing and eSourcing offerings, such as integrated value-added services.
“Elcom focuses on outcomes that positively impact the local businesses and citizens, which sets us apart from the rest of the competition. Elcom has big plans to shake up the existing buyer-driven source to pay and eFinance marketplaces by introducing a community-led model. This community focus will see new exciting, integrated and innovative services for our supplier users as well as continuing to deliver value for our buyer users.
“Whilst Scotland is core to who we are and what we do, our ambitions are global. We are exporting the Scottish experience, knowledge, and know-how.”
Sharon Hamilton, Head of Business Development – Inward Investment at Scottish Enterprise, added: “Scotland is fast developing an international reputation as a hub to develop and utilise digital technology to deliver financial and procurement services.
“Elcom’s decision to locate in Glasgow and create a number of highly skilled jobs is fantastic and testament to Scotland’s flourishing tech ecosystem. Scottish Enterprise has been delighted to support the company’s plans for Glasgow and they are a very welcome addition to Scotland’s fintech community.
“Scottish Enterprise and our partners are committed to supporting the growth of fintech in Scotland. Attracting globally minded companies such as Elcom to locate here will play a key role in achieving this potential.”