‘At this point, we have no particular need for investment,’ says chief executive Ian Leith, a former foreign exchange dealer and corporate rescue expert.

Pathway One has already acquired a number of international software development and sales licences. It outsources its sales, marketing, technical and maintenance functions, and is looking to build an international distribution and sales channel both directly with clients and through resellers.

It plans to expand by winning further licences and agreements with resellers, and by acquiring companies with ‘software products that fit in with what we’re doing’.

With the group taking percentages of licence and maintenance fees and operating without the need for a large in-house team of sales, marketing, technical and maintenance staff, overheads are lean and the business should remain cash-flow positive.

‘There are no cash-flow issues with this business,’ adds Leith, ‘since we don’t do anything before we’ve been paid.’