Turnover nears €100m at Murphy's Monex
Annual revenue at Frank Murphy's Kerry-based Monex Financial Services is closing in on the €100m mark following its expansion into 46 countries, the Sunday Independent has learned.
2014 revenue jumped by 14pc to €97m, while pre-tax profit more than doubled to €8m.
The company, whose headquarters are in Killarney, processed 163 million transactions in the year, up 28pc on the previous year, with a combined value of €28bn.
One of Monex's main business activities is in dynamic currency conversion (DCC), which offers ATM users the option to pay in either the currency of their card or the currency of the country where they are making an ATM withdrawal. This enables Monex's clients to generate new profits from existing transactions while offering the cardholder a new service.
Its services are now available on 68,000 ATMs in Europe and North and South America, including ATMs on Las Vegas' famed strip. The company is fast becoming the go-to global DCC provider for the ATM sector.
"We're very pleased with our performance in 2014 and excited with prospects in the 2015 pipeline" said Murphy. "The investment in our team and continually enhanced IT infrastructure continues to reap rewards for our clients with improved financial performance."
Monex also provides multi-currency solutions for large merchants, VAT refund processors and credit card companies.
Clients include Ryanair, Hertz, Qatar National Bank and the National Bank of Abud Dhabi, Switch Commerce and SIBS.
Monex has been courted by several potential acquirers in recent years, including Investcorp, but Murphy has opted to retained control of the business thus far. An IPO has also been rumoured.
The Irish financial data-processing sector has attracted a number of institutional buyers over the last two years. Gerry Barry's Galway-based Fintrax was sold to private-equity group Exponent for €170m in 2012.
Murphy set up Monex in 1997 after leaving Brian McCarthy's financial services group Fexco. Enterprise Ireland was involved in the start-up phase but now the company's shares are almost entirely owned by Murphy and the company's chief operations officer Michael Crowley.
The Kerryman's other passion is farming. In his spare time, he is developing a technologically advanced cattle farm in Banteer, where he will breed high-end cattle to sell directly to butchers and restaurants.
Sunday Indo Business