Similarity raises €5.5m to fund US expansion

15 Feb 2005

Dublin-based data quality firm Similarity systems has closed a second round of venture capital (VC) funding worth €5.5m, which it will use to accelerate sales growth in the US as well as enhance its flagship product. The funding round was led by Trinity Venture Capital.

Existing investors including Delta Partners and a number of private investors also participated in this investment. Similarity Systems intends to use the funds to further evolve its products and expand its international sales and marketing initiatives. Similarity Systems was advised by Francis Hackett of O’Donnell Sweeney for the round.

With its unique business-focused approach to solving the pervasive problem of poor data quality, Similarity Systems has attracted significant numbers of Global 2000 customers in the US, Europe and the Asia-Pacific region. Similarity Systems’ Athanor is the only suite of data quality products that enables business knowledge workers to take control of enterprise-wide data cleansing initiatives.

“The traction we’ve generated from enterprise customers and the worldwide growth in the market for data quality solutions have enabled us to mold Similarity Systems into the leading data quality company it is today,” said Garry Moroney, chief executive officer, Similarity Systems.

“This latest injection of funds provides us with the backing we need to expand sales and business development initiatives in the consumer goods and finance sectors in North America, where we see a massive untapped market for our business-focused data quality solution.”

By John Kennedy