Firm wins €500k contracts in EU

Maynooth-based financial technology firm Sentenial has signed up €500,000 worth of new business across mainland Europe in the run-up to the single euro payments area initiative.

The contract wins bring to over €8m the value of new business attracted by the Kildare firm this year.

Sentenial has seen a surge in demand for its payment technology services ahead of the switch to the payments in February.

“We’re coming to the end of an exceptional year for the company that will see revenue more than double from the €6m reported in 2012. This has been helped by substantial expansion into European markets, showing the benefit of our decision in 2011 to open offices in six European cities,” said Sentenial chief executive Sean Fitzgerald.

“As well as large corporate customers, we have also experienced a rush of over 200 SMEs in Ireland and across Europe signing up to our services. Firms are waking up to the reality of the single euro payments area change over deadline, and the serious implications it has for ensuring their payment systems don’t grind to a halt on Feb 1.”

The company’s most recent contract wins see it team up with French utility giant GDF Suez; energy firms Essent and Argos Energy in the Netherlands; and Belgian IT group Economcom and leasing firm Parfip.

In Ireland, Laya Healthcare and Cork-based consumer financing group First Citizen Finance have also signed up.

When the payments system switchover is made on Feb 1, Sentenial’s technology will be responsible for processing over €60bn worth of payments per year for companies and banks across Europe.

Last month, the company announced plans to add 110 staff before the end of 2014 to its current headcount of 160 employees.

Mr Fitzgerald said recently that given the opportunities opening up to the company, Sentenial has the capability of becoming a €100m valued firm.

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