Version-1 planning Munster expansion

Dublin-headquartered IT consultancy Version-1 is looking to significantly increase in the Munster region this year, with the prospect of 30 jobs being created at its Cork facility and revenues from the operation expected to increase by 30%.

The consultancy and managed services outsourcing company employs 330 people across its three offices in Dublin, Cork, and Belfast and is on a strong growth curve.

“We’re a well-run successful Irish company with the ambition of being a well-run successful global company,” said Tom O’Connor, one of the company’s three executive directors. “We ultimately want to be a great Irish success story alongside the likes of Ryanair and Kerry Group, and we don’t see anything stopping us from achieving that.”

Last year qualified as Version-1’s best year performance-wise, supported by its best third-quarter performance on record. The company’s 2012 accounts, due to be filed shortly with the Companies Office, are likely to show revenues, for the year, of around €30m. This would be up from the €24.5m generated in 2011.

“We’ve doubled both our profitability and revenue over the last few years and should double both again over the next three years,” said Mr O’Connor.

Version-1’s Cork office grew revenue by 42% last year and should see further growth of around 30% this year. Currently, the facility at the National Software Centre in Mahon employs 25 people.

That figure was significantly enhanced two years ago when Version-1 expanded its initial Cork presence with the acquisition of locally based firm PM Centrix.

The company expects to add a further 30 jobs in Cork over the course of 2013, bringing the facility’s staff levels to more than 50. Mr O’Connor also said the company is likely to outgrow its current home in Cork in the not too distant future, but has no plans as to its longer-term base.

Significantly, the new Cork jobs will not solely be senior IT consultants, with the company targeting IT graduates for the first time in Cork, something it has previously done successfully at its Dublin base.

Version-1 is also, as previously flagged, looking to up its presence in the British market this year, via acquisition.

While it already services a small number of UK-based customers, this is done from its Irish offices.

It is actively looking at a number of UK-based takeover opportunities, with Mr O’Connor saying it would be surprising if at least one purchase was not made this year.