Data storage stacking up for firm

Specialising in big data analytics has opened international opportunities for Limerick company Asystec and helped it increase sales by 300% in 2014.

It was set up four years ago to provide data storage infrastructure to multinationals and large indigenous companies.

Asystec has skilled up in data analysis as well as data governance and security and is poised to enter the UK market this year.

It hopes to set up a new big data research facility using the vast amount of information, available in- house and on social networks and the internet, to improve services and products provided for customers.

It is now a growing industry worldwide says, company co-founder and director Brendan McPhilips.

While other companies offer technology which enables customers to analyse data, he says Asystec is unique in Ireland in offering data analysis as a service which de-risks it for customers.

Planning to establish itself as a leading player in this field, the company has recently announced plans to invest €2m in creating a specialised big data research facility staffed by data scientists. Since its inception, Asystec has provided data management products primarily for the financial services industries as well as pharmaceuticals and medical device companies but data analysis is now opening up new avenues for the companies.

“Data analysis can be used for a range of diverse purposes by all types of companies. Our customers have included a government body which has saved €22m over three years by analysing the use and storage of spare parts,” says Mr McPhillips.

He says Asystec is also helping a university carrying out research on dementia, trying to identify early warning signs for the disease. Located at Raheen Business Park in Limerick, the company employs a staff of 27 and is recruiting with a view to raising the number to 36 by the end of the year.

Establishing sales offices in Cork and Dublin in 2012, Asystec has since set up an office in Belfast and is now looking to establish an office in mainland UK.

Mr McPhillips met company co founder and managing director Les Byrne when they were both working in sales for a regional IT provider in Limerick. Identifying a gap in the data management space they set up the company with help from the local enterprise board.

“Our aim was to devise solutions to assist companies to manage their data using best of breed technologies,” he says.

Since then the company has built up a customer base which includes Boston Scientific, Irish Life, Permanent TSB and Elavon. The core business until now has been the provision of data storage hardware but Mr McPhillips says as data storage migrates on to the cloud, the days for this type of infrastructure are numbered.

“Providing storage infrastructure now accounts for 75% of our business but we expect this to be down to 25% within five years as the data analysis and data governance side of the business develops further,” he says.

Data governance and security is another area which offers significant scope for growth, says Mr McPhilips, explaining that the company devises a product for managing data, and achieving regulatory compliance.

Part of the plan in opening the big data analysis centre will be to recruit over 20 data scientists. The company plans to invest €2m in the project and is looking for government support for the initiative.

Company: Asystec.

Location: Raven Business Park.

Set up: 2011.

Managing director: Les Byrne.

Staff: 27.

Business: Provides data management services.

Website: www.asystec.ie

A gap in the market for data storage has led to good prospects for a Limerick company, writes Trish Dromey

Data analysis can be used for a range of diverse purposes