Cork tech firm Genesis Automation eyeing €140m revenues

Cork-based technology firm Genesis Automation is targeting revenues of up to €140m in the next four years on the back of becoming market leader in its niche area of expertise in the UK and US.

The company says it offers a one-stop-shop system enabling hospitals and healthcare facilities to manage their inventory, stock and overall costs.

Its software is currently installed in 14 UK hospitals — the company claims to have saved its first client Plymouth Hospital, in Devon, £4m in the first year of use — and Genesis hopes to have 33 ‘installations’ (mainly via hospitals, but also healthcare distribution centres) in place by the end of the year.

Up to three of them should be in the US, where Genesis is establishing sales offices in Los Angeles and Tampa.

“While there are over 600 hospitals in the UK, there are ten times that in the US and we see the US as our biggest potential market.

"The company is doubling its revenues on an annual basis and we see that continuing indefinitely as no-one else is offering this product as it is unique to us,” said founder and MD, Noel O’Hanlon.

The Little Island firm is also targeting “a small number” of Irish hospitals by the end of the year. “We’re one of the fastest growing indigenous technology firms in the country and we have the fastest growing system of its kind in the UK, saving a lot of money per year for the NHS.

It would be nice to be able to provide that kind of savings for Irish hospitals too,” said Mr O’Hanlon.

Genesis’ revenue for this year is projected to be over €10m, with it anticipating turnover of between €120m and €140m by 2020.