Hi-tech company chooses innovation park as launch pad into EU market

A cutting-edge US hi-tech company has chosen an industrial innovation park in Limerick as a launch pad into the EU market.

Silicon Valley entrepreneur Tony Leto has moved the non-US operations of his company, iTrac Global, to the Nexus Innovation Centre at the University of Limerick.

The company, which is an import/export compliance and chain specialist, has deployed three software specialists to its new base at UL and this will increase to 30.

The Nexus Innovation Centre opened last November and already 12 start up companies are based there. The new centre at UL is already working on a one-to-one basis with 24 entrepeneurs.

Mr Leto said: “The market for global trade is exploding with the figures set to increase to $70 trillion [€53.2tn] while import/export regulations are becoming more and more complex and non-compliance can result in serious consequences for companies. ITrac provides a cutting-edge, Web 3.0 solution for a global problem and we are focused on reaching 10,000 global systems users and expanding our team in Limerick within the first three years.”

Explaining the decision to base the company in UL, Mr Leto said: “We were looking for innovative and creative software developers and designers. We found that UL had an abundance of top-notch talent in the computer and design sciences. We even decided to headquarter in Limerick. The knowledge base we need and the supports required for a start-up company are all available at the Nexus Innovation Centre, UL.

“We could not be happier with the decision. The initial US and EU markets cross electronics, energy, medical devices, pharmaceuticals, chemicals, contract manufacturing, logistics and retail is all within reach of Ireland. The multi-lingual talent pool at UL also provides opportunity for growth in our support services as we expand our geographic footprint.”

Dr Mary Shire, vice-president of research, UL, said iTrac global has very exciting growth potential. “This development is a wonderful example of the benefits the Nexus Innovation Centre can bring for start-up companies by offering links to R&D, access to highly qualified graduates and the support of an innovation centre.”

The Nexus Innovation centre is the latest Enterprise Ireland campus incubation centre to be opened and will support the formation and the growth of 35 start-up companies over the next five years, creating up to 115 high value jobs.

Andrea Deverell, Nexus Innovation Centre manager said: “We are delighted to welcome iTrac into our growing community of entrepreneurs at Nexus. They have an exciting future ahead and we will work hard with them to ensure every success.”