Managed connectivity and cloud computing provider Strencom is to invest €6 million and the add 20 employees to its current Dublin and Cork offices. The company will fill positions in business development, technical sales, network engineering, technical solutions architecture, cloud engineering and architecture.
The €6 million – coming from reinvested profits – will help Strencom target a broader range of industry sectors and fund the development and expansion of its business offering, including the acquisitions as the company targets annual recurring revenue of €50 million.
The new hires and investment will enable Strencom to grow its managed connectivity, unified communications and managed cloud hosting services in Ireland and the UK. The company currently has aggressive growth plans that will see it grow its enterprise customer numbers to more than 300 by 2020. It is also looking to make as many as three acquisitions over the same period.
Tim Murphy, CEO, Strencom, said: “Our growth targets will be achieved by expanding our service offering, targeting new sectors of the market, while also looking at the selective acquisitions of complementary businesses. This would allow us to scale while still offering comprehensive cloud connectivity managed services solutions in Ireland.
“As 25% of our business is from outside of Ireland, primarily the UK, we are looking at this market, as well as in Ireland, for acquisition opportunities. We have identified a number of businesses that are ready for consolidation and would be a good fit for Strencom, as their values and culture reflect our own.”
“Strencom is on a strong growth trajectory and we’re very excited about the future. Our growth plans are very ambitious, but we are well placed to achieve our target. Our managed cloud service has been our biggest area of growth over the past three years. We have a great team in Strencom, which has enabled that growth, and are looking for more of the right people to join us at this very exciting time in our development.
“We have a strong foothold in the retail, financial services, healthcare, manufacturing, legal, agribusiness and security sectors but we will broaden our focus to other sectors. We will continue on our organic growth path while targeting other sectors such as financial technology, construction and channel partner driven business.”
Established in 2000, Strencom manages connectivity and cloud services into more than 2,500 sites, connecting more than 100,000 knowledge workers, and supporting €35 billion revenue in client companies.
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