From the early days of solving software challenges in a small Belfast office to a strategic sale to Banyan Software, Liam Jordan’s journey with ICONI Software is one of perseverance.

Over two decades, Liam built a company that not only thrived in the competitive tech industry but also made a meaningful social impact. His path was filled with challenges, personal sacrifices and key milestones. Yet, Liam’s unwavering determination and vision for ICONI propelled the company forward, transforming it into a success story worth telling.

Liam Jordan’s entrepreneurial spirit was ignited early on, having had a front-row seat to his father’s and later his brother’s business ventures. “My dad started his own business in the early 80s. He was a bricklayer, then studied at night class and became a TV engineer. He began buying broken second-hand televisions, fixing them and renting them out. So, over time he built a small business that supported our family,” Liam recalls.

With business in his blood and a strong academic background in computer science, physics and electronics, Liam was naturally drawn to a career in tech. In 2000, he co-founded Internet Concepts Ireland, later rebranded as ICONI Software Limited. The company initially operated as a consultancy but soon shifted focus to developing their own software solutions.

Like any new business, starting ICONI was not without its challenges. The early days involved significant personal and financial risks. Liam had just bought a house and started a family, making the leap from a stable job to the uncertainty of entrepreneurship even more daunting. “It may have been the wrong time to do it, but with the support of my wife, I did it anyway,” he reflects. 

The company was self-funded, a deliberate choice that placed significant financial pressure on Liam. Reinvesting profits back into the business meant forgoing immediate financial stability in favour of long-term growth. “I always wanted to bridge the gap between IT and business and see how technology could help people,” he recalls. This vision drove ICONI’s early years, despite the financial and market challenges.

Expanding beyond Northern Ireland posed its own set of challenges. Then, with a population of only 1.8 million, the local market was limited. Liam had to frequently travel to Great Britain, attending trade fairs and making presentations to secure contracts. “It meant a lot of traveling, early starts and late getting home, especially when my kids were young,” he says, pointing out the personal sacrifices involved.

Another significant challenge was competing with larger companies for top talent. Belfast being a hub for major software companies made it difficult for ICONI to attract and retain skilled graduates. Liam tackled this by offering unique advantages such as involvement in the full software lifecycle and opportunities for significant impact in a smaller team. “We also focused on growing our staff internally, which worked quite well,” he adds.

Under Liam’s leadership, ICONI developed the Customer Engagement and Progression (CEP) Platform, a robust solution for managing beneficiary support programs.  The platform’s success was driven by its ability to help organizations in employability, education and health sectors manage their support programs more effectively. This innovation, combined with a dedicated team, positioned ICONI as a leader in its market.

ICONI’s breakthrough came when they secured a solution to deliver a major government contract for a new customer in Great Britain. This contract was a game-changer, he recalls, elevating the company’s profile and establishing its reputation in the field of beneficiary support. “Winning that contract was a major milestone. It lifted us above the noise and established us as experts in this field,” Liam explains.

The decision to sell ICONI was influenced by both personal and professional factors. A few years ago, a non-executive director advised Liam to consider an exit strategy, which prompted him to reflect on his long-term goals. Additionally, personal circumstances made Liam realize it was time for a change. “I felt that I had taken ICONI as far as I could on my own. I knew there was more there, but I needed someone external to help me with it,” he shares.

Preparing for the sale involved ensuring the company’s operations and financials were in order. This preparation set the stage for a smooth transition to new ownership. Liam was clear about his priorities: he wanted a partner who would maintain ICONI’s identity and values while providing the resources needed for growth.

Liam considered several potential buyers but ultimately chose Banyan Software because of their unique approach to acquisitions. “Banyan doesn’t absorb companies and dissolve them. They maintain them as unique entities and support their growth,” Liam says. This commitment to preserving ICONI’s identity and ethos was crucial for him.

Since the acquisition, Liam has benefited from Banyan’s resources and expertise. The addition of financial, legaland HR management support has been particularly valuable. “Having a dedicated financial manager and access to my Operating Partner has been invaluable. It has allowed us to focus on growth and innovation,” Liam notes.

The integration process was smooth, he reflects, with Banyan adopting a hands-off approach that allowed ICONI to continue operating independently. This seamless transition ensured that the company culture remained intact, and the team could focus on their work without major disruptions. “The culture has been very much the same, which is great. We’re still a small, dedicated team, but now with additional support,” Liam explains.

As Liam transitions from a hands-on CEO to a more strategic role, he acknowledges that adjusting to a new structure, including regular reporting and meetings, was initially challenging.  “I hadn’t really reported to anyone in 23 years, so having a boss again was strange, but also nice,” he says. Weekly meetings with his Operating Partner and monthly financial reviews have brought a new rhythm to the business, focusing on efficiencies and growth opportunities that might have been previously overlooked.

Additionally, ICONI plans to hire new senior staff to support the company’s expansion. “We are looking to hire a salesperson or a business development person, as well as more senior people to support the business,” Liam explains. This strategic move aims to bolster the team with experienced professionals who can drive the company’s growth forward.

One of the most significant benefits of joining the Banyan family has been the sense of community among fellow founders. Liam emphasizes how valuable it is to be part of a network of entrepreneurs who have faced similar challenges. “Being an entrepreneur can be lonely. You’re often making tough decisions on your own,” he says. “With Banyan, I now have a community of peers who understand what it’s like. We share experiences, challenges and solutions – and that support is invaluable.”

Liam describes the regular meetings as a highlight. “Meeting with fellow CEOs, seeing the pain and challenges they’re having, and also seeing the solutions they bring to the table – it’s brilliant,” he shares. “I’d miss it if I didn’t have it. It’s part of the Banyan experience, and it’s something that helps us all grow stronger together.”

Reflecting on his journey, Liam offers three key pieces of advice for other entrepreneurs considering selling their business.

First, “Do it when you feel it’s the right time,” Liam says. Entrepreneurs often have a gut feeling about when it’s time to move on or bring in a partner. This instinct is informed by years of experience and understanding of their business. “Your gut feel will tell you when it’s time to sell,” he emphasizes. Trusting one’s instincts can be challenging, especially when the timing seems less than ideal. However, Liam’s experience shows that following your intuition can lead to successful outcomes. 

Second, “You don’t have to have everything perfect.” Entrepreneurs shouldn’t be overly concerned with having everything perfectly in order before selling. “Many details will be teased out in the due diligence process,” he explains. While it’s important to have a solid foundation and clear documentation, the due diligence process will help identify areas that need attention. “Focus on running a good business, and the rest will follow during the sale process.”

Third, “Involve your key people in the process.” The transition will be smoother if those who are integral to the company’s operations are aware and involved from the start. This approach helps in maintaining continuity and eases concerns among the team. “Bringing key people along during the sale helps with the transition and ensures that the business continues to run smoothly.”

Liam Jordan’s journey with ICONI is a testament to his passion and perseverance. His decision to sell to Banyan Software was driven by a desire to see ICONI grow further. With Banyan’s support, ICONI continues to thrive, ensuring a bright future for the company Liam worked so hard to build.