A ROSYTH firm plans to create another 55 jobs after a £250,000 grant from the Scottish Executive.

Software simulation firm VeriSIM has seen a 70% growth in revenue over the last year and announced a £2 million turnover.

VeriSIM produces online banking simulations for developing new services and staff training. Its customers include Lloyds, the Royal Bank of Scotland, HBOS and Nationwide, and it is now looking to add UK insurance giants.

The company is preparing to expand after a Regional Selective Assistance grant from the Scottish Executive.

By the end of the year it is hoped the workforce will be increased to 80.

Chief executive officer James Anderson said, “More and more companies are having to deal with the challenge of constant staff retraining in order to keep up to date with changing software applications and market demand.

“This is costly and inconvenient to companies, and our simulation software enables companies to start retraining staff even before new applications are put in place. We have had incredible success in the retail banking market in the UK and are now keen to expand into other related areas . . .

“The RSA award will allow us to boost staff numbers and employ talented software developers to help produce the type of simulation software applications required.”

Scottish Enterprise Fife has been helping VeriSIM develop its business.

SEF chief executive Joe Noble said VeriSIM is an excellent example of a forward-thinking company that aims high and isn’t afraid to chase big business.”