Fineos secures EUR10 million funding round

Fineos secures EUR10 million funding round

Dublin-based banking technology vendor Fineos has secured an equity investment of EUR10 million.

The financing was led by ABN Amro Capital in Holland and included investment from Enterprise Ireland, the Allied Irish Bank (AIB) IT Fund, and Fineos directors and employees.

The company says its will use the fundraising to strengthen its direct and in-direct sales force as well as to expand its R&D capability in Dublin. The company employs 250 people and expects to create up to 100 new jobs over the next 12 to 15 months.

Nicolaas Heij, senior vice president of ABN Amro Capital, comments: "It is ABN Amro Capital's first investment in an Irish software company, and with the company's strong track record of revenue and profits growth, allied to a strong portfolio of products and referenceable blue-chip customers, we feel Fineos offers tremendous potential."

Over the last 12 months the company has secured a string of contract wins, including ABN Amro Insurance, First National Bank and Eagle Star. During 2001 Fineos also opened sales offices in the US and Scandinavia. The company says it expects to announce major sales in both regions in the coming weeks.

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