“Ideas Implemented” is the motto at privately held Eloquentix.
Enough of those are being executed that the Chapel Hill technology outsourcing and custom development firm with a focus on boosting startups is opening an office in New York City.
And wouldn’t any executive love to have this problem: Revenue growth will surge even faster if the company can hire enough people.
Seeking to cash in on the growing attention – and money – flowing into Silicon Allen, Eloquentix CEO Radu Rosu says he’s hiring two people to man the New York outpost. A business development executive also will be added.
“We have always been profitable,” he says.
“Revenue growth in 2013 was 20 percent.
“This year, if we can hire fast enough, it will be over 30 percent.”
Growing Triangle Clientele
While you may not have heard much about Eloquentix, Triangle-area startups certainly have.
Regional clients include:
- The Royalty Exchange
- Sustainable Industrial Solutions
- XS Inc
In fact, Rosu describes the 30-employee firm as “the leading technology outsourcing partner for North Carolina startups” with development offices in Romania and Italy.
A Triangle Tech Veteran
Rosu is certainly no stranger in the Triangle tech scene. His career dates to Extensibility (XML software) in 1999 and was part of that firm when it sold to Tibco for $100 million as the “dot com” bubble blossomed. He went on to write software at GE, serve as an IT consultant at John Deere, was a director at Radarfind and became chief technology officer at bidding platform software firm NextLot. He also has been actively involved in Shoeboxed for six years, currently listed as a “principal.”
Q&A: One on One
WRAL TechWire caught up with Rosu long enough via email to get the story about the expansion for WRAL TechWire Insiders.
- Will this expansion have any impact on your Chapel Hill office? Is company staying here?
Yes, we are committed to the startup community in North Carolina and will continue expanding business here too.
- How many people will man the NY office, and are they new hires?
Two originally, and we will hire a business development lead there as well.
- Are you hiring locally and if so in what areas?
Yes, primarily in business development.
- What are the biggest areas of demand at this point for your services?
Full stack development on either the JVM stack, Rails, or MEAN.
(The company’s expertise comes in a variety of alphabet soup acronyms: Java, Scala, Ruby, PHP, .NET, R, MongoDB, AWS)
- In looking to expand, why NY as opposed to Florida or other locations?
Exposure. New York has a fast growing tech scene, and it is very well connected to the valley. Startups there have a greater access to capital and growth then other places on the east coast.
(In announcing the expansion, Rosu pointed out the company has a client in New York and saw an opportunity to win more business: “I look forward to devoting our energies to making Eloquentix a part of the tech scene in the city. The energy is infectious, the people are welcoming and helpful and one just has to look at one graduating class from a team like Blueprint Health to see the quality of the results.”)
- How is your company financed? Is it profitable? What’s revenue growth year to year?
We started with a $125 investment to get our NC Corporation set up and we have always been profitable. Revenue growth in 2013 was 20 percent. This year, if we can hire fast enough, it will be over 3 percent.
- How does your firm make money? Do you acquire any equity in companies you work with to develop software?
Our income comes from the monthly fees we change for our services. Whenever possible, we do have equity arrangements with the startups we work with and make sure that our team members have a stake in the projects that they are involved in.
(Final note: Rosu says he’s NOT looking for investors. Sorry, angels and VCs.)