You wouldn’t expect a company taking a growing number of new markets by storm, with rocketing revenues and ingeniously innovative technology to be able to fly under the radar but for Inhance Technology theirs has been a silent ascent.
Founded in Cork and based on the Monahan Road, the wireless retail software solutions company is a Cork success story through and through but one which has in many ways allowed itself to become a silent success story as it grew into the impressive company it is today.
If since its inception in 2005 the public have been somewhat unaware of the reputation Inhance has forged, clients across the globe have been taking note for some time.
Among the brands the firm co-founded by Paul Prendergast and William Fitzgerald counts as partners are US retail behemoth, Best Buy; AIG; Carphone Warehouse and Virgin.
Attention on that level is borne out of years of graft, a good dollop of talent combined with the foresight to spot a market opportunity and the ability to exploit it.
Having begun life as a B2C-focussed maker of anti-theft solutions, Inhnace - in its previous incarnation as ‘Yougetitback’ - found the going tough in an increasingly competitive environment in which profits were hard to come by.
In 2010, the company refocused itself as a B2B-facing operator and quickly found a niche, which aided and abetted by the huge growth in mobile, has seen Inhance go from strength to strength with average annual turnover growth since 2008 climbing to 111%.
Now, the company enhances the warranty and insurance programs of some of the world’s leading retail insurance and telecommunication brands.
At a conservative estimate, Inhance expects to double annual turnover by 2016 and continue to expand its workforce which has climbed incrementally at its Cork headquarters from 36 in 2013 to 43 last year.
Doubling its client base in less than 12 months was just another indicator of the rapid progress the Inhance team has made.
Specialising in developing bespoke white-label mobile apps which can be downloaded from the app store, Inhance’s products offer a series of security and content management features including enabling a device to take a picture of its surroundings if lost or stolen.
Like many of the best ideas, its genius is in its simplicity.
Having kept quiet for long enough, Inhance is now ready to announce itself to the public at what chief executive, Paul Prendergast says is an important time for the company.
And what better way to do so than being named Cork SME of the Year 2015?
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