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 thrived in the competitive tech industry and made a meaningful social impact. His path included challenges, personal sacrifices, and key milestones. Liam’s determination and vision propelled ICONI forward.
The early days of ICONI
Liam Jordan’s entrepreneurial spirit was ignited early, having 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. Over time he built a small business that supported our family,” Liam recalls.
With business in his blood and an academic background in computer science, physics, and electronics, Liam was 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 to developing its own software solutions.
Starting ICONI involved significant personal and financial risk. Liam had just bought a house and started a family, making the leap from a stable job to 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. Reinvesting profits meant forgoing immediate financial stability in favor of long-term growth. “I always wanted to bridge the gap between IT and business and see how technology could help people,” Liam recalls. This vision drove ICONI’s early years despite financial and market challenges.
The game-changing contract
Expanding beyond Northern Ireland posed its own challenges. With a population of only 1.8 million, the local market was limited. Liam frequently traveled 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.
Another challenge was competing with larger companies for talent. Belfast’s role as a hub for major software companies made it difficult for ICONI to attract and retain skilled graduates. Liam responded by offering involvement in the full software lifecycle and opportunities to have a significant impact in a smaller team. The company also focused on growing staff internally.
Under Liam’s leadership, ICONI developed the Customer Engagement and Progression Platform, a solution for managing beneficiary support programs. It helped organizations in employability, education, and health manage support programs more effectively.
ICONI’s breakthrough came when it secured a major government contract for a new customer in Great Britain. “Winning that contract was a major milestone. It lifted us above the noise and established us as experts in this field,” Liam explains.
Planning for a strategic exit
The decision to sell ICONI was influenced by personal and professional factors. A non-executive director advised Liam to consider an exit strategy, prompting him to reflect on his long-term goals. Personal circumstances also made him 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.”
Preparing for the sale involved ensuring the company’s operations and financials were in order. Liam wanted a partner who would maintain ICONI’s identity and values while providing resources for growth.
Finding the right partner
Liam considered several buyers but chose Banyan because of its approach to acquisitions.
“Banyan doesn’t absorb companies and dissolve them. They maintain them as unique entities and support their growth.”
Since the acquisition, Liam has benefited from Banyan’s resources and expertise. Financial, legal, and 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,” he notes.
The integration process was smooth, with Banyan taking a hands-off approach that allowed ICONI to continue operating independently. Company culture remained intact and the team could focus without major disruption.
As Liam transitioned from a hands-on CEO to a more strategic role, regular reporting and meetings were initially an adjustment. “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 brought a new rhythm focused on efficiency and growth.
ICONI also planned to hire senior staff to support expansion, including sales, business development, and other experienced professionals who could drive the company forward.
The power of community
One of the most significant benefits of joining Banyan has been the community among fellow founders. Liam emphasizes the value of being 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. 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 regular meetings as a highlight. Seeing the challenges other CEOs face and the solutions they bring to the table is part of the Banyan experience and helps leaders grow stronger.
Words of advice for entrepreneurs
Liam offers three pieces of advice for entrepreneurs considering a sale.
First: “Do it when you feel it’s the right time.” Entrepreneurs often have a gut feeling about when it is time to move on or bring in a partner. Trusting that instinct can be challenging, but Liam’s experience shows that it can lead to successful outcomes.
Second: “You don’t have to have everything perfect.” Many details will be addressed during due diligence. Have a solid foundation and clear documentation, but focus on running a good business.
Third: “Involve your key people in the process.” The transition will be smoother if the people integral to company operations are aware and involved. This maintains continuity and eases concerns across the team.
Entering the next stage of growth
Liam Jordan’s journey with ICONI is a testament to passion and perseverance. His decision to sell to Banyan was driven by a desire to see ICONI grow further. With Banyan’s support, ICONI continues to thrive, ensuring a strong future for the company Liam worked so hard to build.