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The chief executive officer of HPD Software has outlined ambitions for growth of more than 20% in 2018 following a major award win.

Expected growth at the working capital finance solutions company will take annual revenue from £13 million to £16 million as it expands its international customer base from 128 to 140 installations in more than 50 countries.

Its success in global markets, including customers in Lebanon, Jordan, Democratic Republic of Congo and United Arab Emirates, recently led to the business receiving a Queen’s Award for Enterprise for outstanding achievement in international trade.

HPD also helps to encourage the use of invoice finance by funding education programmes in emerging markets.

In 2017, 22 students were educated in factoring, using a bursary HPD provided through Factors Chain International.

Kevin Day, CEO at HPD Software, said: "We are extremely proud and honoured to receive this award.

"HPD is a team-orientated company and I would like to thank all of my colleagues for their hard work and dedication that helped us achieve our international reputation and this accolade.

"HPD's mission is to provide comprehensive and flexible software solutions for the global working capital finance industry. We have ambitious plans to continue to grow our worldwide presence.”

Part of its growth has been based on adopting a subscription-based pricing model, with cloud-based delivery for its flagship LendScape platform, ensuring it can be used by companies of any size.

HPD recently hosted a series of conferences around the world to share technological developments, brief customers on plans and discuss industry issues.

At the company's London event, Day outlined how the business is rolling out cloud-first services and focusing on getting closer to customers to respond to their unstated needs.

He said: “We must always remember that the future customer is our future success. We want to be much more in the heart of what our clients are doing.”

HPD Software is used by customers to manage more than 50,000 clients.