Revenues at indigenous tech firms projected to grow by 20% in 2018
Bank of Ireland 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 €3.5 billion, an delegates at event held in Dublin heard last Wednesday.
At the event, entitled Successful Scaling, delegates from Irish-based tech companies heard insights in terms of why Ireland’s technology sector is among the most dynamic areas in the Irish economy.
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 such as the role of guidance from investors and successfully adapted their businesses 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 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, 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… 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.”
Katherine Byrne, corporate finance partner at BDO, also spoke at the event.