Similarity Systems, the data quality management software vendor, has secured an additional EUR2m in a round of financing led by AIB Equity. Other new investors in this round were Ion Equity and HotOrigin. Existing investors Delta Partners and a number of private investors also re-invested in the company.
The Dublin-based company was founded three years ago by CEO Garry Moroney and Brian Caulfield, who acts as non-executive director. The company employs more than 20 people. This latest round of funding will be used to expand its existing customer base and develop new markets. Similarity Systems also revealed a number of customer wins in Ireland and the UK including Eircom and East Midlands Electricity.
The company’s flagship product Athanor is a data quality management suite incorporating data quality analysis, reporting and automated data enhancement capabilities. Athanor is used to enhance the value of the data used in Customer Relationship Management, Business Intelligence or ERP systems as well as protecting data integrity in data migration and consolidation projects. It can be applied to a wide range of data types including customer, asset or transaction data. The product’s target market is large organisations including financial institutions, telecommunications, utilities and government.
17/04/2003
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