FINEOS raises €10m in first-round funding

FINEOS has received equity investment of €10m. The financing was led by ABN Amro Capital in Holland and the other investors included Enterprise Ireland, the Allied Irish Bank [AIB] IT Fund and FINEOS directors and employees.

This is the first round of funding undertaken by the company since it was established in 1993.

Goodbody Corporate Finance has served as financial advisors for this investment round. FINEOS is a provider of enterprise customer and contract management solutions for banking and insurance.

FINEOS is to use the fundraising to accelerate its expansion into Europe and the US. FINEOS employs 250 people - almost 210 in Dublin - and intends to expand this by 100 in the next 15 months.

FINEOS is profitable and has attained year-on-year growth since it was founded. It has sales offices in the UK and the Netherlands and since the beginning of 2001 in the US and Scandinavia.

Customers include ABN Amro, Britannia, Canada Life and Royal Nederland Leven. Its CEO is Michael Kelly who in 2001 won the Ernst & Young Entrepreneur of the Year Award.

In August it appointed Tom Mulcahy, former CEO of AIB Group as Chairman of its Board of Directors.