Tuesday 19 September 2017

Fintech firm Fenergo to add 200 jobs in expansion

Marc Murphy, ceo of financial software firm Fenergo, which has targeted €100m in revenue by 2018 and an IPO by 2020
Marc Murphy, ceo of financial software firm Fenergo, which has targeted €100m in revenue by 2018 and an IPO by 2020
Adrian Weckler

Adrian Weckler

The Dublin software firm Fenergo is to hire up to 200 people in Dublin as part of a new expansion push.

The company - which sells financial software to banks - aims to seek a public flotation by 2020, according to ceo Marc Murphy.

"The demand for Fenergo's client lifecycle management technology solutions is global and immediate, driven by regulatory change and banks' desires to be able to comply fully with new and enhanced regulations," said Mr Murphy.

"We anticipate continued significant growth across all of the regions we serve including the Americas, Europe, the UK, APAC and the Middle East over the next 36 months."

The new jobs will be in product management, software engineering, consulting and marketing. Mr Murphy said that the positions are to be filled over the next 12 to 18 months. He said that the new hires would bring Fenergo's global employee count to 500.

"This new talent will be part of a global Irish technology company that is at the forefront of developments in robotics and artificial intelligence for financial technology," he said.

Fenergo's customers include HSBC, UBS, BNY Mellon, Scotiabank, Bank of Montreal, BBVA and RBS. Mr Murphy said that he is expecting "another stellar sales performance" this year.

In August 2015, Insight Venture Partners and Aquiline Capital Partners invested €85m in Fenergo.

The company has also opened six new offices across the world including New York, Boston, Sydney, Singapore, Japan and Abu Dhabi and relocated its Dublin, London and Boston headquarters to cater for its growing number of personnel. Most recently, the company took up residence in a 21,000 sq feet building in Dublin's Point Village.

Ergo is a spinout from John Purdy's IT outsourcing firm Ergo, which sold its stake in the Insight deal.

Mr Murphy recently said Fenergo plans to grow revenue from €20m a year to €100m a year by 2018 and then seek a public flotation, possibly on the US Nasdaq exchange. He said that the company has doubled turnover for each of the last three years.

Mr Murphy said that the company intends to expand its global footprint by opening new offices and increasing employee numbers across all regions, invest in its technology and create a "global partner enablement programme".

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