A software firm is preparing to expand its operations into Europe and almost double its workforce after floating on the Stock Exchange.

Justin Floyd

Vecta Corporation, based at the Oxford Science Park, is hoping to raise about £3.5m from investors when it floats on the Alternative Investment Market.

Chief executive Justin Floyd believes the move will massively accelerate the development of the firm, which has already seen its turnover double to £3.5m in the past year.

He said: "We're raising money to boost the sales operation and development team and expand into Europe.

"We have got a product that has done extremely well in the past four years and have sold £9m worth of software in that period."

Mr Floyd added he expected the workforce to increase from 56 to about 100 by September, with recruitment targeted at local people.

Vecta has developed its Sales Intelligence Software system since setting up in 1996. It works by highlighting opportunities for a company's sales force that may have been difficult to detect manually.

For example, it can detect immediately when an order has been cancelled and send the information immediately to the sales team rather than it taking months for them to follow up, when the customer will have been lost for good.

"It's a very complex tool, but very simple to use," said Mr Floyd.

"Customers have seen an increase in their sales and turnover of up to 30 per cent in just six months because sales people are the real revenue drivers in this country."