Systemsync Solutions Limited (09326325): administration
- Status
- Administration ended
- Administration began
- 2019-08-16
- Administrators' firm
- RSM
- Incorporated
- 2014-11-25
- Location
- London
- Industry
- 62012 Business and domestic software development
From the administrators' statement
The Company was incorporated in 2015 and launched the first employee data infrastructure platform in the UK, which was known as Pensionsync. The Company was funded through a combination of debt and equity from the founders, directors and third-party investors. The founders, directors and employees own 63.55% through a mixture of stock and options with the remaining 36.45% shared between 17 other investors. There was also a convertible loan, which after interest accrued, had a balance of £951,000.
Pensionsync developed a cloud-based automatic enrolment workplace pension technology to allow companies, particularly payroll service providers, replace manually intensive processes with automated interfaces to connect their data with financial service providers in a fast, reliable, secure and affordable way,
Pensionsync gained a respected market position and reputation for technical excellence and attracted the endorsement, support and adoption of many of the top service providers in the industry. However, as with many first entrants to a market, the market had not sufficiently developed and the Company
Administrators' statement of proposals (2019-10-18) · Companies House register