Friday 30 September 2016

Insurance firm founder is among Corlytics backers

Published 27/11/2015 | 02:30

Corlytics was founded in 2013 and has developed a platform that enables global financial institutions to identify avoidable losses and fines.
Corlytics was founded in 2013 and has developed a platform that enables global financial institutions to identify avoidable losses and fines.

Blue Insurances co-founder Rowan Devereux and Macalla Software co-founder Bryan Maybury have emerged as backers of Dublin financial services software firm Corlytics.

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The company, based in the NovaUCD centre, raised €1m in funding earlier this year from a Bank of Ireland fund managed by Kernel Capital, and Enterprise Ireland.

At the time, a number of so-called angel investors were said to have taken part in that funding round. Mr Maybury and Mr Devereux are among those private investors who pitched in to the fundraising.

Records show that a firm owned by Mr Devereux invested €150,000 in Corlytics. The investor sold his stake in Blue Insurance last year back to the company, which he co-founded with Ciaran Mulligan. Mr Devereux sold the stake for just under €10m. Blue Insurance was founded over 10 years ago and specialises in travel insurance.

Mr Maybury co-founded Macalla Software in 1998 and was its commercial director and head of corporate development. The company developed mobile banking solutions and was acquired in 2009 by US banking giant Roamware. Mr Maybury is also the founder of Bibio Consultants, which works with technology firms to target global markets. He has invested €25,000 in Corlytics.

Mark O'Donovan, a co-founder of technology firm Duolog, which designs semiconductors, has also invested in Corlytics. Duolog, which was also based at the NovaUCD centre, was sold in 2014 to chip giant ARM. It was estimated that Duolog was valued at over €20m.

Mr O'Donovan is also a director of the National Digital Research Centre, and of Raglan Capital. He previously worked at Goodbody Stockbrokers. He has invested €15,000 in Corlytics.

A company controlled by Peter Stewart, a partner at accountancy firm O'Donovan Stewart in Dublin, is also listed as having previously invested €100,000 in Corlytics. Mr Stewart was once a member of the board of Nama.

Corlytics was founded in 2013 and has developed a platform that enables global financial institutions to identify avoidable losses and fines. It helps banks to minimise regulatory breaches by using predictive risk analytics applications to evaluate, benchmark and manage market risk.

Some major UK law firms are using Corlytics products, while the Bank of England's Fair and Effective Markets review this year also included data provided by the company.

When it announced its €1m fundraising during the summer, Corlytics said it planned to double its staff numbers to 30. The company was co-founded by chief executive John Byrne. Enterprise Ireland stumped up €300,000 as part of the €1m fundraising.

Irish Independent

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