State agency Enterprise Ireland (EI) has given Irish software player Norkom a €4m grant to support the company’s R&D strategy as it strives to become a world leader in the fight against financial crime.
Norkom intends to invest €11.4m in qualifying research and development from 2008 to 2010.
The €4m EI grant will be issued at agreed milestones over the three-year period.
Overall the investment will fund expansion plans at Norkom and will enable the company to significantly scale up its growth.
Norkom chief executive Paul Kerley last month said the global market for financial crime and compliance solutions continues to grow by an estimated 24pc annually, rising from US$480m in 2007 to US$917m by 2010.
This is being fuelled by a number of factors including an increase in international anti-money laundering and counter-terrorist financing regulation, for example the introduction of the third EU Money Laundering Directive, which enters into force on 15 December this year.
In addition, more stringent worldwide enforcement of such regulations has resulted in over US$222m being levied in fines to 20 institutions for failing to prevent money laundering in the past two years, Kerley added.
By John Kennedy