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Qumas to create 40 jobs in Cork
06-11-2006
by Maxim Kelly

Qumas announced a EUR4.4 million investment on Monday as the compliance software firm opened a new research and development centre in Cork.

Minister for Enterprise, Trade & Employment Micheal Martin officially opened the new facility at Cleve Business Park in Cork, and announced the creation of 40 new jobs at Qumas as part of the multi-million euro investment, which was backed by Enterprise Ireland.

The Cork TD welcomed new employment in the area, and specified that 26 of the new positions to be created over the next two years would be dedicated R&D roles.

"Qumas is an Irish company with a leadership position in the global market for enterprise compliance solutions. Qumas' development of an R&D Centre, together with a EUR4.4 million programme of R&D investment will enable the company to develop customer solutions that respond to changing market demands," Minister Martin said.

"With support from Enterprise Ireland's Scaling Division, Qumas has the potential for further strong growth in international markets. Qumas is an excellent example of an Irish company in a growth sector, with a competitive advantage that is deeply rooted in research, development and innovation," the Minister added.

Qumas chief executive Paul Hands said the company was aiming to improve its US and European market penetration where the firm expected incremental sales worth more than EUR40 million over the next five years.

"Qumas has established a leadership position in governance, risk and compliance software for regulated sectors, based on product quality, technical expertise and customer focus, and this investment marks the next phase of growth for Qumas," he said.

The company has deployed more than 250 compliance solutions and exports 99 percent of its products and services abroad to more than 10 countries. Its main markets are Life Sciences and Financial Services.

Last month, Qumas secured EUR1.1 million from Enterprise Ireland to help it expand into the financial services sector.

The Cork-based company also recently concluded a EUR100,000 deal with a data centre operator. Strencom, which has data centres in Dublin, Cork, London and Shannon, will upgrade Qumas' current capacity from 2Mbps to 10Mbps, and supply IP telephony services to the Cork firm. Strencom already connects Qumas into the MANs (Metropolitan Area Networks) -- the State's high-speed broadband infrastructure.