From prison to programming: KashFlow entrepreneur sells business for millions
A Londoner imprisoned for five years for smuggling drugs has completed a dramatic turnaround, selling his self-made online accounting business for millions.
East London born Duane Jackson was arrested in 1999 at Atlanta airport trying to smuggle 6,500 ecstasy tablets into the US, ultimately serving five years in jail.
After struggling to find work on release, Jackson fell back on his computer programming skills, which he had learned on a ZX Spectrum computer whilst growing up in a children’s home in Newham.
In 2005 Jackson set up KashFlow, which provides online accountancy software for small and medium businesses. The firm was backed by the Prince’s Trust and Lord Young of Graffham, David Cameron’s enterprise adviser, who is chairman of the business.
35-year-old Jackson announced yesterday that the company, based by London Bridge, has now been acquired by accountancy and payroll giant IRIS, in a deal thought to be in the tens of millions.
Jackson said: “It gives us the tools to compete. We’ve taken a big shortcut and now we have a payroll product.”
Lord Young said: “I am really pleased for Duane and his team. When I backed the business seven years ago I could see they were offering something truly revolutionary to small businesses.”
Jackson will remain in charge of KashFlow.
