Similarity raises €2m

Similarity Systems, the Dublin based data quality management software vendor, has announced it has secured an additional €2m in a round of financing led by AIB Equity. Other new investors in this round were Ion Equity and HotOrigin.

Existing investors Delta Partners and a number of private investors also re-invested in the company. Similarity Systems also announced a number of major customer wins in the UK and Ireland including Eircom plc and East Midlands Electricity.

Similarity Systems was founded in 2000 by Garry Moroney, CEO and Brian Caulfield, non-executive director, previously CEO of Exceptis. Against the market trend the company has increased employment significantly this year and now employs over 20 people. This latest round of funding will be used to expand its existing customer base and develop new markets.

Laurence Endersen of AIB Equity commented, "The demand for data quality management software is growing rapidly and is estimated to exceed €1bn by 2005. Top tier organisations have recognised that low data quality in their information systems is seriously affecting business performance. We believe Similarity Systems is well-placed to become market-leader in this space due to its proven product superiority over existing competition."

The company's product Athanor (tm) is a data quality management platform incorporating data quality analysis, reporting and automated data enhancement capabilities. Similarity Systems product suite is aimed at large organisations including financial institutions, telecommunications, utilities and government.