Press Releases

21 October 2016

API Economy Represents Significant Opportunity for Irish Software Companies

The API economy presents significant opportunity for Irish software companies, a Technology Sector Insights event in Dublin heard this morning. The event, themed ‘The API Economy, turning your business into a platform’, was run by the Irish Software Association and Bank of Ireland and featured leading international and domestic speakers from the technology sector.

APIs, or application program interfaces, are having a major impact in the technology sector. There are over 12,000 APIs offered by firms today and the Harvard Business Review reports that Salesforce.com generates 50% of its revenue through APIs, Expedia.com generates 90%, and eBay generates 60%.

Speaking this morning, Adrian Mullett, Head of Technology Sector, Bank of Ireland said: “The API economy and the acceleration of API usage represent a huge growth opportunity for Irish technology companies. Companies across a diverse range of sectors such as finance, media, hospitality and travel are using APIs as a critical component of their business model. The API economy also allows disruptive technology innovators to collaborate with established brands and improve their functionality, service and operations.

“A key part of our tech sector approach is to identify and understand key trends in industries and the API industry is the most exciting and dynamic opportunity. Software companies such as Milner Browne, which is supported by Bank of Ireland, are building APIs and leveraging the reach of major software players. We continue to support the sector through working with industry associations such as the Irish Software Association and we are delighted to partner on this event today.”

Addressing attendees, Paul Sweetman, Director of Irish Software Association said: "The success of Irish software and technology companies is built on an ecosystem of collaboration. As such, we are delighted that Bank of Ireland partnered with us on this morning’s event and they will once again celebrate the success and achievements of the industry through sponsorship of the upcoming Software Industry Awards in November. We have a strong relationship of open discussion with Bank of Ireland in discussing key financial needs of the sector that supports exceptional growth."

Speakers at the Technology Sector Insights event, which took place at Ibec’s offices in Dublin, included Paolo Malinverno, Research Vice President at Gartner; Adrian Mullett, Head of Technology Sector, Bank of Ireland; Dr Helen McBreen, Investment Director, Atlantic Bridge; Alan Foy, Group CEO, Blueface; and Maurice Buckley, CEO, TheHireLab.


ENDS

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