Kerry firm inks €80m deal with Italian IT giant

13 May 2010

Killarney-based financial services company Monex has signed an agreement with Italian IT firm B.E.E. Consulting to roll out its currency conversion software across Italy.

Monex’s Dynamic Currency Conversion (DCC) software converts credit-card transactions into the cardholder’s chosen currency at the point of sale, giving card users real-time price transparency when shopping abroad.

Monex and B.E.E. estimate that the Italian market is worth €8bn in such transactions annually, with a potential business value to Monex, B.E.E. and participating merchants of close to €80m.

A boost to Monex’s Irish operations

“This deal represents a tremendous opportunity for Monex. B.E.E. are a publicly quoted, blue-chip brand in Italy. Their local expertise and knowledge, combined with our service offering is the perfect combination to roll out the DCC solution across Italy,” said Monex chief executive Frank Murphy.

“This deal is a boost to our Irish operations, ensuring the long-term security of our Killarney operation,” he added.

“This is an important agreement for our group. We already have strong credentials in the payment services sector and working with Monex allows us to maintain and build on those credentials and be at the forefront of innovation,” said Stefano Achermann, B.E.E. Team CIO.

A leading high-tech exporter

Monex is a long-standing client of Enterprise Ireland and the contract was secured following close collaboration with Enterprise Ireland in Milan.

“Ireland’s economic growth and employment is inextricably linked to growing exports.  Monex is a dynamic Irish company based in the south-west region and one of Ireland’s leading high-tech exporters, operating in 23 countries worldwide. This contract with B.E.E. in Italy is another significant achievement for the company and also for the south-west region in terms of direct employment, investment and spin-off economic benefits for the region,” said Enterprise Ireland’s Head of Internationally Traded Services Kevin Sherry.

The Monex story so far

Monex Financial Services was established in Killarney in 1997 and currently handles more than 53 million global credit-card transactions each year valued in excess of €10bn. The company operates in 26 countries worldwide and employs 135 people. Its client base includes the likes of Louis Vuitton, Hertz, the Dublin Airport Authority and Ryanair.

In 2008, the company expanded across the Asian market, achieving a number of significant client wins, including Bank of Asia, Bangkok Airways, Bank of China, Fullerton Hotel, Ritz Carlton Hotel, Shangri-La Hotels and Louis Vuitton. According to Monex, it now has 40pc of the multi-currency credit-card processing business across Asia.

The B.E.E. Team Group is quoted on the Italian Stock Exchange and is a key player in the Italian IT consulting market. The company employs more than 600 staff and realised a turnover of around €70m in 2009.

Photo: Finance entrepreneur and Monex chief executive Frank Murphy has built a global e-commerce powerhouse from Killarney

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