Entrepreneurs Barry and McGuire part of €3m fundraising for Corlytics
Financial software start-up Corlytics has raised almost €3m from investors, including Fintrax founder Gerry Barry and ex-Trintech boss Cyril McGuire.
The company's software is designed to help financial institutions manage regulatory requirements.
McGuire's Infinity Capital has ploughed in €750,000 as part of the fundraising.
Kernel Capital has invested €1.65m of funds it manages, and Barry is among other investors who have contributed the balance which comes close to €340,000.
Corlytics is aiming to benefit from a growing cost of regulation faced by financial institutions on foot of the financial crisis.
It uses data analytics to help companies evaluate and manage the risk of breaching regulatory rules.
Chief executive John Byrne was unavailable for comment for this story.
The company has also received backing from Blue Insurance co-founder Rowan Devereux, and Enterprise Ireland.
According to its website, Corlytics' clients include financial institutions, regional and global regulators, and legal and financial advisor to financial institutions.
It has tools that aim to evaluate the risk associated with "any current local or global regulatory incident (or potential incident) for any regulated firm and its senior management".
It also aims to "assess and estimate future regulatory risk and consequences".
"My main interest is software and I'm a big fan of disruptive companies with recurring revenues. I'm looking for businesses with big opportunities. I'm not crazy about hardware investments," Cyril McGuire inset, said in 2015.
McGuire received a reported €21m from the sale of payments business Trintech to a US private equity firm for €93m in 2010. He has also put money into Homestay.com, an Airbnb rival set up by Hostelworld co-founder Tom Kennedy.
Galway businessman Barry was behind currency conversion business Fintrax sold to private equity firm Exponent for €170m in 2012 in what was thought to be the biggest ever deal for a Gaeltacht-based company. Barry left the company thereafter.
Last November, French investment firm Eurazeo announced it was buying 90pc of Fintrax for up to €585m on an enterprise value basis (including the purchased company's debt as well as the cost of its shares).
It had also made an approach for Kerry-based currency converter Monex, run by entrepreneur Frank Murphy, which was rebuffed.
Sunday Indo Business