Boom was established in 2016 by Martin Boiles, a renowned telecoms entrepreneur who has built and sold several businesses.
Boom provides a wide-ranging voice over internet (VoIP) telephony service, which is attractive to both smaller and larger companies. VoIP services will become increasingly crucial given that the major landline providers, such as BT, have published intentions to cease to provide landlines after 2025 and not to sell any new landlines after 2023. 80% of businesses are yet to switch over to VoIP, creating a huge pool of potential demand for Boom to rapidly grow revenue and market share with its very disruptive model.
At the helm of Boom is a highly experienced board with over 270 years’ experience in the IT and Telecoms industry, and a track record of building and exiting multiple businesses in the sector. The team has spent the last two years developing the Boom platform in such a way that its services, with all their feature-rich functionality, can be offered to an end user at a lower price point than other available VoIP offerings – including market leaders such as BroadSoft.
Boom’s management have deep experience in the sector and have been instrumental in the UK market so implicitly understand the changes and, therefore, what is required to thrive and scale.
The Boom offering allows a company to carry out all of its telephony activity via a highly scalable, cloud-based service, with additional features that other products do not offer. These additional features include refined call analytics and reporting, full audit trail of calls and texts, a search facility across all recorded calls, call recording to MIFID II level compliance and more. Boom outperforms the current clunky alternatives on the market, which all require the purchase of additional add-on products to achieve the same functionality. The enhanced functionality can be offered to end users at a typical monthly cost of £5 (£13 for all features) per individual phone user - compared with £8 (£31 for additional features) being the headline price of the market leaders.
Boom sells to blue-chip resellers that sell to and service the ultimate end users, and this is at the core of its strategy. The resellers are able to take the Boom package as a white labelled offering and sell on under their own brand and yet still significantly undercut the market leader and others, whilst earning an increased gross margin. Boom is at late-stage negotiations with one of the UK’s major mobile networks, with the Boom product seen as being key to its business-to-business strategy.
Boom’s objective is to become a leading telecoms software business at a market defining low price point. The exit plan is to sell within five years as a software company, not as a telecoms business, with high growth recurring revenues to achieve the optimal valuation.
The Company is seeking to raise up to £2.15m of equity (EIS-eligible) from Growthdeck investors as part of a £3.15m total round (£1m coming from Boom’s own investor network).
Please join the network or log in to view full details and to access the Investment Memorandum.