Paradyn invests €500,000 in data backup service

Cillian McCarthy, CEO, Paradyn and Pat Downing, Commercial Director, Vault365.jpg

IT and communications service provider Paradyn is to invest €500,000 in the launch of new Vault365 data backup service, it announced today.

Vault365 is a backup, ransomware and data protection solution for companies' data. 

The firm has forecast revenues of €750,000 for 2023 and is set to create five new jobs over the next 18 months. The new roles will be within the areas of sales and support in order to meet consumer demand for the new data backup service.

The company's services will initially only be available to Irish customers, before being rolled out to the UK over the course of the next six months. The Dublin firm also operates an office at Little Island in Cork.

Vault365 offers data backup services for both data stored on premise and in cloud applications, including Microsoft 365. All data is then hosted at the company's data centres in Ireland.

The secure storing of data allows for local access if needed and reduces the length of downtime if a security breach or loss of data occurs. Cybersecurity and data backup has become a key focus for many firms as remote working continues to be a feature for many companies.

Cillian McCarthy, Chief Executive, Paradyn said: “Proactively protecting data has never been more important in a world where security risks are higher than ever. We are one of a few Irish companies offering this service, which we’re launching to meet customers’ increasing backup and security needs for their mission critical data, regardless of where it is. 

"There is a common misconception that backup is included with Microsoft, and a solution like this is crucial for businesses to avoid irreparable loss or theft of their Office 365 data," he added.

Last year, the Paradyn secured new and enhanced contracts with 14 local authorities across Ireland. The Cork-based firm won €2.8m in new IT security contracts with local authorities across Ireland over the course of 2020 and into the first half of 2021.