Qumas secures €8m funding

CORK software company Qumas continued its impressive growth story yesterday as it announced it had secured $10 million (€8m) in funding from two major US venture capital firms.

The Monahan Road-based company, which develops systems to help financial and pharmaceutical companies to comply with their legal and regulatory requirements, will take Fidelity Ventures and General Catalyst Partners on board as equity partners. The cash injection will be used to develop the firm’s suite of products, take on extra sales and marketing staff to boost revenues in America and hire more customer support staff to cope with a growing client list.

Qumas co-founder and chief executive Paul Hands said the funding would help the company increase its client base. “With this additional capital, we are in an excellent position to take advantage of our experience and technical leadership in the compliance solutions marketplace,” he said. “This capital will fuel the expansion of our business and enable us help more companies turn compliance requirements into business efficiencies and achieve compliance across the board.”

The company already employs 110 people but will look to open a new corporate office in Boston and add to its presence on the east coast. It was set up 10 years ago but aims to float on New York’s NASDAQ within three years.

Fidelity Ventures is a leading name in the American venture capital market.