Quadstone closes £21m financing deal

Quadstone, a UK provider of CRM solutions, has gained £21m in funding to recruit more staff and drive sales in both Europe and the US.

Quadstone, a UK provider of CRM solutions, has gained £21m in funding to recruit more staff and drive sales in both Europe and the US.

The company is still operating at a loss but is expected to be profitable sooner than was anticipated six months ago. When internal discussions were leaked to the press last year, Quadstone was faced with answering claims that it was not able to complete a flotation. Although the company's CEO, Neil Heywood said that the possibility of an IPO had never been more than on-going talks within the company. He added his aim was "to grow the business regardless". Quadstone's customers include Telenor, Vodafone and One2One.