Minister for Enterprise, Trade and Employment Micheál Martin officially opened the new R&D centre at Cleve Business Park, Cork yesterday.
Enterprise Ireland will contribute significantly to the €4.4m investment.
The new cash injection will allow for the expansion of the R&D department and result in the creation of 40 new high-value jobs.
Of those 26 will be targeted specifically to R&D roles and will come on stream over the next two years.
“Qumas is an Irish company with a leadership position in the global market. Qumas’s development of an R&D Centre, together with a €4.4m programme of R&D investment will enable the company to develop customer solutions that respond to changing market demands,” he said.
Mr Martin said he was happy at the fact that so many high-value jobs came with the investment by the Cork-based firm.
“With support from Enterprise Ireland’s scaling division, Qumas has the potential for further strong growth in international markets,” he said.
This initiative was “an excellent example” of an Irish company in a growth sector, with a competitive advantage that is deeply rooted in research, development and innovation,” he said.
Chief executive of the group, Paul Hands, said the investment reflected the group’s desire to build up its current markets and ensure it stayed at the leading edge.
“We aim to improve our market penetration in the US and Europe where we are targeting incremental sales in excess of €40m over the next five years”, he said.
The company has established a leadership position in governance, risk and compliance software for regulated sectors, based on product quality, technical expertise and customer focus, he said.
This latest round of investment marked the next phase of growth for the group, he said.
Qumas provides a range of regulatory directives for companies in the life sciences and financial services sectors, he said.