Cloud-Based Software Booming

Small businesses have been increasing their subscriptions to cloud-based software at a rapid pace. These subscriptions have increased 7% for businesses with less than 20 employees in 2013 and 85% of small businesses are planning to increase their software spending in the next five years according to Intuit. Business owners have been upgrading their technology since the market recovery began, but use of cloud technology did not increase as drastically as it is currently. Small businesses were uncertain about using the cloud because of their relative lack of tech-savvy employees and security breaches that could jeopardize their financial futures. However, cloud technology has recently picked up because many owners want to operate with more efficiency and want the option of operating in multiple locations.

The expectation for the coming years is that cloud-based software will only continue to grow amongst small businesses. In order to meet the expected demand and profit from this demand, many cloud-computing service providers are teaming with different types of capital providers to maximize this potential. This seems like a safe bet according to IDC, a New York-based market research firm; they expect Software as a service to grow nearly five times faster than traditional on-premise software between 2013 and 2018.

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Nick Banks

Nick created Front Street Commercial Real Estate Group in 2002 and spent the first eight years developing and acquiring office and retail projects in South Florida as well as North Central Florida. In 2010 the focus of the firm was shifted to primarily serve third party clients and perform brokerage, property management and mortgage banking functions. Nick has personally developed and acquired nearly 200,000 square feet of office and retail properties in markets throughout Florida. Prior to founding Front Street, Nick was the Director of Finance and Dispositions for Stiles Corporation in Fort Lauderdale where he financed and sold over $500 million in commercial real estate. Before joining Stiles, Nick was an Associate Director at GE Capital Real Estate where he sourced over $200 million in financing throughout Florida. Nick is a graduate of the University of Florida with a degree in Finance and a concentration in Real Estate. He serves as a board member and current vice-chair for the United Way of North Central Florida where he also chairs the Development Committee. Nick is actively involved with the Gainesville Area Chamber of Commerce where he serves as a board member and committee member for the Council for Economic Outreach. He is also a recent graduate of Leadership Gainesville which is a year long leadership program hosted by the Chamber. He is a member of Grace United Methodist Church where he has served as finance chair and as a member of the leadership council. Nick serves as an advisory board member of the University of Florida Bergstrom Center for Real Estate Studies. Nick was recently named chair of the Gainesville committee for the North Florida chapter of Urban Land Institute (ULI). He is a licensed real estate broker in the State of Florida and is a long time member of the International Council of Shopping Centers.

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