Revenues at indigenous tech firms projected to grow by 20% in 2018 to €3.5bn
Bank of Ireland partner with Technology Ireland to host seminar on successful scaling
Delegates from leading Irish-based tech firms attended an event in Dublin today themed ‘Successful Scaling’ which was run by Technology Ireland in association with Bank of Ireland. At the event, delegates heard insights in terms of why Ireland’s technology sector is among the most dynamic areas in the Irish economy. Bank of Ireland revealed that it had increased its lending to Irish Technology firms by 150% in 2017 and forecast that projected revenues of indigenous tech firms are set to grow by 20% in 2018 to €3.5bn.
With many Irish tech firms seeking to maximise this opportunity and scale their businesses up, the event discussed strategies on selling product solutions to large corporates, balancing support for current offers while still focussing on innovation and future offerings, and the lessons learnt on access to funding. Keynote speaker Sandra Notardonato, Research Vice President with Gartner provided a global market overview which included useful insights around the paths for Irish firms seeking to break into other markets.
Roomex CEO, Jack Donaghy and IT Alliance CEO, Philip Maguire spoke of challenges they have faced as fast-growing technology companies in Ireland. Jack, spoke to attendees about the company’s stellar growth and how guidance from investors and the bank helped them continue their product development strategy in 2016. Philip, CEO of IT Alliance spoke about how they successfully adapted and innovated their business as the sector evolved.
Paul Sweetman, Director of Technology Ireland, said, “The success of Irish software and technology companies is built on an ecosystem of collaboration. We are delighted that Bank of Ireland has partnered with us on this morning’s event and thankful for their continued support of the Technology Ireland Innovation Forum. We have built a strong relationship with Bank of Ireland that allows us to discuss the key financial needs of the tech sector in order to support exceptional growth, and it is reassuring to see that a team are now in place to better support technology clients.”
Adrian Mullett, Head of Technology Sector at Bank of Ireland, said, “Everything that we’re seeing in terms of trends and dealing with tech companies on the ground indicates strong future growth the sector. Bank of Ireland increased its lending to Irish technology firms by 150% in 2017 and we have forecasted that projected revenues of indigenous tech firms are set to grow by 20% in 2018 to €3.5bn. Given this growth, we are setting up a dedicated technology sector relationship team to manage mid-market technology companies exclusively with an initial focus on the Dublin region. This is in addition to our well established national sector expertise support model. This extra support will allow Bank of Ireland to better serve technology companies and capitalise on the growth in lending we have delivered.”
Katherine Byrne, Corporate Finance partner in BDO also spoke at the event.