Powa Technologies Group, a UK based eCommerce specialist, is to receive a $76 million investment in to its UK operations. This will see creation of some 250 jobs in Britain. The investment will also enable the company to strengthen its global footprint through the opening of a series of new offices around the world, creating an additional 200 jobs.
The funding, which comes from one of the largest investment management funds in the world with billions of dollars already under management, is the largest investment of its kind in a UK technology company.
The company is the brainchild of serial entrepreneur Dan Wagner. Powa helps retailers to be able to sell their goods online quickly and easily. For SMEs, Powa Technologies provides user-friendly tools to enable firms to set up and manage their own online shops and take payments. For major corporate brands, this enables companies to create entire series of online stores that are tailored to different product lines, geographies and market segments.
Other innovations from Powa Technologies include mPowa, a mobile payment solution that enables any smartphone or tablet device to be used to accept credit card payments. With his suite of services, Dan Wagner has helped companies to survive difficult market conditions by tapping into growth markets of accepting payments on a diverse range of devices.
Dan Wagner is passionate about saving the UK’s high streets, supporting businesses to create new jobs and strengthening Britain’s competitiveness in a cutthroat global economy. He is planning to launch his Enterprising Britain campaign this autumn designed to encourage Britain to keep its position as a world leader in innovation.
Dan Wagner, who is CEO of Powa Technologies, said, “As a British entrepreneur, I’m delighted to create new jobs for British people in what are challenging economic conditions. We have one of the best skilled workforces in the world and the tech sector is growing seven times faster than the rest of the economy. It gives me great pleasure to be making this announcement which will contribute to the recovery of the economy in a positive way. I would love to see more British companies follow in our footsteps and continue to create jobs that will help to speed up the UK’s recovery.”
The 200 UK jobs that will be created as a result of the investment will be available immediately at the Powa Technologies London headquarters. It is also planned that Powa will open offices in five cities in the USA along with further international expansion into South Africa, Brazil, Mexico, France, Germany, Italy, Portugal, Sweden and the Netherlands. This investment is seen by many to illustrate the increasing prominence and importance of the UK’s fast growing technology sector.
The Prime Minister, David Cameron, said, “We have seen some great British success stories in technology lately, as well as more encouraging news for the economy. So I am delighted that Powa is further contributing to that with the creation of 250 jobs to expand their growing business.
“E-commerce is vital to our economic success. One in five of our small businesses export. If we could change that from one in five to one in four we would wipe out our trade deficit at one stroke. That is why this expansion of this company is such good news – helping British Business increase trade both at home and abroad.”
Powa Technologies
