Friday 20 January 2017

Irish cyber security firm Netwatch to open another office in US

Paul O'Donoghue

Published 01/12/2015 | 18:51

Irish cyber security firm Netwatch is set to open another office in the US in the new year after its profits increased by almost 50pc in 2014.

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Netwatch, which is based in Carlow, offers web-based CCTV monitoring services. Using two way communication software employees at the firm can monitor premises and alert intruders that they are being monitored, discouraging break-ins and theft.

According to accounts just filed by Netwatch to the Companies Office gross profits rose to €5.6m in the year to the end of December 2014 compared to €4.5m the year before, while administrative expenses increased from €3.4m to €3.9m. Overall the company made a full year profit of €1.4m, up from just under €1m the year before.

Turnover rose from €8.5m to €9.6m. Netwatch installs its surveillance equipment on a customer's premises free of charge and the customer then pays on a contract basis.

Netwatch CEO David Walsh is on track to have about €13m in contracted revenue for the next five years secured by the end of 2015. Speaking to he said: “We would also look to add an additional €6m-€7m in recurring revenue next year, [so] we would have €20m in contracted revenue. Because of our revenue model we would only receive about half of new revenue in a year, [so] we will do about €16.5m in revenue in 2016.”

He added that the company is also planning to open a new office in Chicago. Netwatch has about 170 employees, with its main operations in Ireland, the UK and the US.

“We are looking to open up a new office in Chicago in the first quarter of 2016, it will be a sales office so there will be a small number of staff, [in the] single digits, and there isn’t a huge upfront capital expenditure,” he said.

Asked if the company is considering opening in any new locations he said: “We would look to bed down Chicago first, Florida is an option as well as we already have a few customers there.”

Netwatch has recently held talks with the Irish Stock Exchange about a possible flotation and aims to hit revenue of €100m by 2020.

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