Enterprise Ireland Support €11.4m Norkom Investment

Enterprise Ireland is to invest €4m to support Norkom Technologies €11.4m research and development and growth strategy.

In investment is expected to create 111 high level jobs in Ireland, 70 of which will be in research and development.

Norkom Technologies supplies global financial services organisations with financial crime and compliance software to prevent money laundering, terrorist financing and fraud. It is one of Enterprise Ireland's scaling clients (small and medium sized companies that Enterprise Ireland has identified as having particularly strong potential for rapid and significant growth).

In line with its business plan, Norkom has committed to invest €11.4 million primarily in research and development from 2008 to 2010. Enterprise Ireland's investment is being made in support of this plan and will be paid at agreed milestones. Overall, the investment will fund expansion plans in Norkom which will enable the company to significantly scale up its growth within the next three years.

Making the announcement the Dáil Minister for Enterprise, Trade and Employment, Minister Martin said: "Norkom is one of Ireland's most exciting success stories. Its impressive track record and capability are strong endorsements of its ambition and potential to achieve scale and become a truly internationalised Irish software company in the near future."

Paul Kerley, Chief Executive Officer of Norkom said: "Going forward we aim to consolidate our position as an international market leader and gain recognition as a provider of innovative enterprise-wide financial crime and compliance solutions dedicated to the financial services sector. We continually invest in developing our products and services in line with client and market needs and our investment in R&D, combined with funding support from Enterprise Ireland, will enable us to further accelerate our global growth strategy."

Patricia McLister, Head of Scaling, Enterprise Ireland added: "We are delighted with the success of Norkom. Having worked closely with the company over a number of years, we are proud to see it taking this next significant step toward achieving true international scale. Norkom has built a solid international reputation for its thought leadership and ability to deliver market led solutions for Tier One financial institutions."

Norkom achieved annual revenues of €25m in its last financial year and employs 136 people at its Dublin headquarters. It successfully launched on the IEX and AIM markets in June 2006 and in July this year acquired a US-based business, Digital Harbor, to accelerate its growth strategy. Worldwide the company now has 295 employees across its international operations in Europe, North America and Asia Pacific.

(GK/JM)