Softco reverses loss as profits rise by almost €1 million

SOFTCO, the document management software firm run by brother and sister team Alan Coffey and Susan Spence, saw its profits rise by nearly €1 million last year.

The Dublin-based company saw pre-tax profits increase to €2.41 million. No turnover figures were given in the accounts as Softco availed of its status as a medium sized company to exempt itself from filing the figure.

However, it is believed to be in the region of €11m and Softco has reversed two years of losses.

The company is one of the oldest technology firms in Ireland and provides document and process management solutions to customers in the financial services, healthcare and public sectors.

The company has offices in Ireland, Britain, Denmark and the US and has more than 850 customers worldwide, including Vodafone, DHL, Aon.

It was set up Mr Coffee and Ms Spence in 1990 and was seen as one of the leading lights of the technology sector.

It attracted outside investors like Bill McCabe, the founder of e-learning firm Smartforce.

Softco’s accounts show that during the year it cut its workforce again from 64 to 61. At one stage the company employed more than 100 people worldwide.